Ex-UBS CEO Denies $4.7 Million Liability Over Foreign Accounts

The former CEO of UBS North America denied that he owes more than $4.7 million in penalties for his alleged failure over 11 years to report his interest in foreign bank accounts.

Markus Rohrbasser admitted on Monday that he failed to timely file Reports of Foreign Bank and Financial Accounts, also called FBARs, but denied that his nondisclosure was willful or demanded heightened penalties.

Rohrbasser also confirmed that he was removed from the IRS’s offshore voluntary disclosure program for his failure to pay a lump settlement after the agency rejected his requested payment plan.

The Bank Secrecy Act requires US ...