A Portola Valley man was sentenced this week to a year and one day in prison for failing to report a Swiss bank account to the Internal Revenue Service.
Prior to sentencing, Christopher B. Berg paid the IRS $250,000 plus a $287,896 penalty for hiding the account he controlled in 2005 at UBS in Switzerland.
Berg must also spend three years on supervised release after his prison term.
Berg began working as a consultant in 1999 and the following year met with a Swiss financial consultant and UBS vice president about establishing a bank account to shelter some of his income from taxation. Between 2001 and 2005, Berg used wire transfers to deposit $642,070 into the UBS accounts and used the money to make purchases and for travel, according to the Department of Justice.
Berg did not disclose the accounts to his certified public accountant and did not share the income in and earned by the account.