73 Year Old Taxpayer from Manhattan Faces 5 Years Prison for Unreported FBAR

Federal prosecutors and the IRS convicted a 73 year old Manhattan man for failing to report an offshore account held at UBS, a prominent Swiss bank. Gabriel Gabella pleaded guilty last week in a Brooklyn courtroom to a single count. In announcing the conviction, U.S. Attorney Loretta Lynch said, “Those who willfully conceal assets abroad will be investigated and prosecuted, and those convicted of such conduct will not only face imprisonment but significant financial penalties.” In Gabella’s case, those financial penalties will mean a civil penalty of $3,140,346 and back taxes of $239,000. He also faces possibly five years in prison when sentenced later this year. A Justice Department press release says that the penalty is equal to 1/2 Gabella’s offshore bank balance in 2007.