Swiss lawyer pleads guilty in tax evasion case

Paltzer faces up to five years in prison, but will likely face less time for cooperating with federal authorities.

The conviction is the latest U.S. victory in its effort to target offshore tax evaders.

Thousands of taxpayers have already paid back taxes and then some as part of an IRS program, while the Swiss banking giant UBS admitted its role in aiding tax evaders four years ago.