Geneva, Switzerland (GenevaLunch) - Juergen Homann, 67, a New Jersey businessman, was fined $600,000 and given five years probation by a US District Court judge for hiding $6.1 million from the IRS, US tax authority, and for not declaring offshore accounts. Homann could have been imprisoned for up to five years but the court acknowledged that he had been very cooperative, in particular in identifying lawyers and bankers who had helped him hide the money, according to Business Week magazine.

“In pleading guilty, Homann admitted he failed to disclose his secret Swiss account to the Internal Revenue Service on tax returns from 2001 to 2007 and didn’t file separate reports for his offshore account. UBS disclosed data on Homann’s account to the IRS under its deferred-prosecution agreement,” reports Business Week.

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Links to other sites: Business Week, New York Times

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