Admitted UBS tax evader gets 10 months in prison after citing parents’ Holocaust experience

UBS tax evader gets 10-month prison term

MIAMI — A former watchmaker who claimed his parents’ Holocaust experience drove him to hide his wealth overseas has been sentenced to 10 months in prison after pleading guilty to tax charges.

A federal judge imposed the sentence Friday on 65-year-old Jack Barouh in the latest case arising from the U.S. investigation into tax evasion at Swiss bank UBS AG. The sentence is half what prosecutors originally sought.

The judge gave Barouh credit for cooperating in the ongoing UBS probe. But he also mentioned Barouh’s claim that many children of Holocaust survivors compulsively seek to hide nest eggs in case similar events happen again.

Barouh founded luxury brand Michele Watches, which sold for $50 million in 2004.