Yacht broker sentenced to prison for tax evasion - Trade Only Today

Yacht broker sentenced to prison for tax evasion

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A Florida yacht broker was sentenced Friday to two months in prison after pleading guilty to hiding $3.4 million in assets at UBS AG.

Robert Moran, who cooperated with prosecutors investigating offshore tax evasion, must also serve one year of probation, including 150 days of house arrest with electronic monitoring, according to reports.

The judge didn't fine Moran, who paid a $1.89 million civil penalty. He admitted April 14 he filed a false tax return.

Prosecutors sought leniency for Moran, saying he gave "substantial" help to a probe of taxpayers who used secret offshore bank accounts to evade taxes.

As a result of his felony conviction, he will lose his Florida license to sell new yachts.

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