3 p.m., Dec. 6
Chatfield Admits Hiding Money through Swiss Bank
San Diegan Jeffrey Chatfield, a financial consultant who purportedly helped private companies go public, pleaded guilty in Washington DC today (Nov. 18) to filing a false tax return related to a Swiss bank account he maintained at UBS, a big Swiss bank that the U.S. has been probing. Chatfield's guilty plea has to be accepted by a U.S. district judge. Sentencing is set for Feb. 7. The maximum sentence is three years. According to the Justice Department, Chatfield opened an account at UBS Bahamas Ltd in 2000 and stashed $900,000 in untaxed securities and cash there. He later switched the account to other Swiss institutions. Chatfield admitted to filing false tax returns from 2000 to 2008, concealing his interest in the offshore accounts and not reporting any income earned from them.