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UBS client in US admits tax fraud

A US client of Swiss bank UBS pleaded guilty yesterday to using Swiss bank accounts to hide more than $8m from US tax authorities. And he said a Swiss government official received $45,000 to help cover up the fraud. Jeffrey Chernick of New York admitted using using a UBS account for tax fraud, as he entered his guilty plea in federal court in Fort Lauderdale, Florida. UBS is at the centre of a high-profile dispute between the US and Swiss governments over tax evasion.<br />