Accountant Charged For Hiding Assets

As posted in the Bucks County Courier Times on October 29, 2009

http://www.phillyburbs.com/news/news_details/article/121/2009/october/29/accountant-charged-for-hiding-assets.html

Upon reading the article (link attached), I was appalled at the sentencing. The Accountant, clearly deemed “wealthy” was sentenced to a year of house arrest. Now, playing devil’s advocate, if the gentleman is wealthy, he lives, most likely in a mansion or at the very least, well off. Additionally, he is able to continue to work from his home or transact any business deals of which he will continue to receive income.

The original charges at the time of arrest are posted at the following link, as listed in USA Today on April 2, 2009:

http://www.usatoday.com/money/perfi/taxes/2009-04-02-ubs-charges_N.htm

I disagree with the U.S. District Justice Cooke, in that it is not sending a message around the globe. A stiffer sentence would have to have been given in order to do that.

It seems to me that the message sent around the globe to those hiding assets in offshore accounts is “status quo” unless you get caught and even then, the punishment is not that bad.