A former watch company owner who held offshore accounts at UBS AG has pleaded guilty to failing to tell U.S. tax authorities about $10 million of offshore assets.
Jack Barouh, the former owner and president of Tempus International Corp., admitted in federal court in Miami that he had skimmed money from his company and did not report as income about $10 million in assets, including about $6 million held in offshore accounts at UBS.
Barouh, a resident of Golden Beach, Fla., is the seventh UBS client to plead guilty to tax crimes since the Zurich bank agreed last Feb. 18 to pay $780 million to avoid prosecution for helping wealthy Americans evade taxes.
