Sinking Ships
By Christina Bohnstengel
The hammer is starting to fall now that the Swiss Bank UBS is spilling its secrets. Founder and CEO of Moran Yacht and Ship is the second banking client to be indicted by the United States government for illegal offshore banking practices. The yacht broker entered a guilty plea to tax fraud in a Ft. Lauderdale Federal District Court.
Moran acknowledged that his UBS bank account contained $3.4 million that he did not report to the IRS. Now he is forced to pay back taxes, interest, and penalties, and could possibly face up to three years in jail. He was released on $6 million bond and will be sentenced on June 26.
The United States and UBS made an agreement in February to reveal American citizens hiding income in exchange for avoiding prosecution. The largest private bank in the world also turned over 250 client names to the IRS. The first UBS client that the Justice Department arrested was Steven Michael Rubinstein, a Boca Raton accountant who also has ties with the marine industry.
Moran Yacht and Ship has locations in Ft. Lauderdale and Moscow.
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