UBS Client Pleads Guilty to Hiding More Than $6 Million in Assets

A New Jersey client of the international banking giant UBS has pleaded guilty to concealing more than $6 million in assets in Swiss bank accounts.

Juergen Homann of Saddle River is the fifth U.S.-based UBS client to plead guilty in an ongoing federal investigation into the bank's practices. UBS officials have admitted helping U.S. clients hide accounts from the Internal Revenue Service.

Homman acknowledged in a Newark federal courtroom Friday that he had failed to file the required disclosure forms, failed to report the account on his individual tax return and failed to report income earned on the account.

He faces a maximum sentence of five years in prison and a fine of $250,000.