Accountant faces charges

of hiding money with UBS

MIAMI – Authorities say they've charged the first U.S. citizen with hiding assets from tax collectors in the Swiss bank UBS.

The U.S Attorney's Office says 55-year-old Steven Michael Rubinstein of Boca Raton, Fla. was charged Thursday with filing a false tax return.

Authorities say that the yacht company accountant deposited more than $2 million in Kruggerrand gold coins into his UBS accounts and bought securities worth more than 4.5 million Swiss Francs through the accounts.

The Obama administration wants UBS to turn over information on thousands of U.S. customers who concealed their accounts from the government in violation of tax laws. UBS has formally accepted responsibility for helping Americans hide assets and agreed to pay $780 million in fines and restitution.