Robert Moran, pleads guilty to hiding assets in a secret account at the Swiss bank

FORT LAUDERDALE, Florida (CNN) — A Fort Lauderdale yacht broker has become the first UBS client to plead guilty to hiding assets in a secret account at the Swiss bank.

Robert Moran appeared Tuesday before federal Judge James Cohn, who signed off on the plea agreement. Cohn will sentence Moran on June 26. Moran faces up to 3 years in prison and a maximum fine of $250,000, after pleading guilty to hiding more than $3 million.

UBS, the world’s largest private bank, admitted in February to helping wealthy U.S. taxpayers hide accounts from the Internal Revenue Service in secret overseas accounts. As part of a $780 billion agreement with the Justice Department, UBS is cooperating with the government and providing the names and accounts of U.S. customers who allegedly evaded paying taxes on the money.

In a written press release, the U.S. Attorney for the Southern District of Florida, R. Alexander Acosta, said, “We will continue to prosecute those who use offshore schemes to avoid paying their taxes. If you are hiding income abroad, I suggest you approach us.”