'You Versus Us' for Second UBS Client

Just in time for tax day, the IRS has a message for investors with hidden offshore accounts: Fess up or you're toast.

And Florida resident Robert Moran appears to be the chosen messenger. The Department of Justice and the IRS filed charges against Moran for concealing more than $3 million in a secret Swiss account with UBS and filing a false tax return. Moran pleaded guilty and now awaits his sentencing in June. He faces up to three years in jail and up to $250,000 in fines.

Moran's charges were a direct result of a February settlement between UBS and federal prosecutors, in which UBS admitted it helped U.S. clients conceal assets from the IRS. It promised to reveal their identities and pay $780 million in fines in return for avoiding prosecution.

Moran was the second client caught up in the UBS scandal. Earlier this month, federal authorities charged Steven Michael Rubinstein, also of Florida, with tax evasion. Unlike Moran, Rubinstein has not pleaded guilty to the charges.

UBS reportedly gave more than 250 names to the IRS and federal officials are urging clients to come forward to avoid prosecution. Officials haven't disclosed how many clients have come forward so far or what the penalties against them might be.

But after today's court appearance by Moran, the IRS's phone might really start ringing.

by Megan Barnett