Probation For UBS Client Who Failed To Report More Than $750,000 In Swiss Bank Account

Lucille Abrahamsen Jackson has been sentenced to probation after admitting she filed a false tax return and concealed more than $750,000 in a Swiss bank account. Jackson pleaded guilty last November to an information charging her with willfully subscribing to a false tax return.   

According to documents filed in this case and statements made in court:
 
Jackson admitted that she signed and filed a false tax return for 2005 that failed to disclose her UBS account and income generated from the account’s assets.   Jackson also failed to file a Report of Foreign Bank or Financial Accounts (FBAR) with respect to the UBS account. The account, originally opened in 1992, was transferred in 2000 into the name of Primrose Properties S.A., a nominee Panamanian corporation.   Jackson’s father, Harry Abrahamsen, established Primrose in 2000 with the assistance of a foreign lawyer and a Swiss banker, in order to hide the account from the IRS.   On April 12, 2010, Abrahamsen pleaded guilty to a federal charge of failing to file an FBAR, admitting he concealed more than $1 million in Swiss bank accounts.   He is scheduled to be sentenced on May 24, 2011, by Judge Cavanaugh.
 
Jackson admitted that her failure to file the FBAR and her failure to disclose the existence of the UBS account on her personal income tax returns allowed her to underreport personal income for the years 2000 through 2007. In 2003, the account reached a high balance of more than $759,376.
 
As a condition of her guilty plea, Jackson has agreed to pay an FBAR penalty of $379,688.