UBS Client Sentenced to One Year in Prison

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Bloomberg reports that a client of UBS AG was sentenced to a year and a day in prison for using a Swiss bank account to evade more than $1 million in taxes. Peter Troost, the 78-year-old owner of Troost Memorials, which designs and sells cemetery monuments and gravestones, was sentenced in federal court in Chicago. He pleaded guilty in March, admitting that he evaded taxes on more than $3.3 million in income.