A former UBS banker who cooperated with the U.S. investigation of the Swiss bank was sentenced to over three years in jail for helping a billionaire real estate developer evade $7.2 million in taxes.

Bradley Birkenfeld pleaded guilty in June 2008 to conspiring to defraud the United States and was said to be assisting the Justice Department and the IRS in their probe of the bank. Because of his cooperation, Birkenfeld was expected to receive a lighter sentence.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.