Florida yacht broker gets prison time for offshore tax evasion
By IBI Magazine
Florida yacht broker Robert Moran was last week sentenced to two months in prison for offshore tax evasion. Moran was given the relatively light sentence, according to Bloomberg News, after cooperating with prosecutors investigating other individuals who set up offshore bank accounts to evade taxes. He had faced three years of possible prison time. "I think the public has become weary about people with all the trappings of success becoming involved in tax evasion," said U.S. District Judge James Cohn in federal court in Fort Lauderdale, Florida, upon sentencing Moran. "Why does one set up offshore banking accounts? I'm sorry, it's to set up to hide money and deceive the government." Swiss bank UBS had disclosed more than 250 names to the US Internal Revenue Service last spring. The notoriety surrounding Moran's case prompted 7,500 other taxpayers to voluntarily disclose their accounts in order to avoid prosecution. "I am really very sorry for opening this account and not reporting it," said Moran at the hearing. "I apologize to my family and my friends for causing lots of pain and unhappiness." As a convicted felon, Moran will lose his Florida license to sell new yachts.
(9 November 2009)
|
