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UBS client sentenced to 5 years probation

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NEWARK, N.J. (AP) — A New Jersey client of the international banking giant UBS has been sentenced to 5 years probation after pleading guilty to concealing more than $6 million in assets in Swiss bank accounts.

Juergen Homann of Saddle River is among at least five U.S.-based UBS clients 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.

Homann, a German-born U.S. citizen, was sentenced Wednesday in a Newark, N.J., federal courtroom.

He pleaded guilty in September to failing to file the required disclosure forms, failing to report the account on his individual tax return and failing to report income earned on the account.