Jeffrey Chatfield of San Diego was sentenced to three years probation and ordered to pay $96,000 for hiding assets in secret offshore UBS bank accounts. According to the government, around 2000, Chatfield deposited untaxed securities and cash totaling $900,000 into an account at UBS in the Bahamas. He received the assets in 2000 from his consulting work, which included advising private companies seeking to go public.
Chatfield filed false tax returns from 2000 to 2008 by not disclosing these assets. In 2002, with the help of UBS bankers and others, Chatfield formed Iberia West Ltd., a Bahamian nominee entity. The y then opened a new Swiss UBS account in the name of Iberia West, after which he transferred all his accounts to Credit Suisse. In 2008, Credit Suisse told Chatfield that it was closing all accounts held by U.S. taxpayers , and he closed his accounts.
In February 2009, UBS entered into a deferred prosecution agreement under which the bank admitted to helping U.S. taxpayers hide accounts from the IRS. As part of their agreement, UBS provided the United States government with the identities of some U.S. customers of UBS’s cross-border business, including Chatfield.