Updated Saturday, November 22, 2014 as of 11:41 PM ET

Ex-UBS Banker Lack Avoids Prison for 17-Year U.S. Tax Scheme

(Bloomberg) -- Martin Lack, the fourth ex-UBS AG banker to plead guilty to aiding wealthy Americans in evading taxes, avoided prison for a 17-year scheme in which he helped U.S. clients maintain secret overseas accounts.

Lack, a Swiss resident and citizen and an independent investment advisor, was sentenced to five years of probation and fined $7,500 today in federal court in Fort Lauderdale, Fla., where he was indicted in 2011. He surrendered to U.S. authorities on Oct. 14 and pleaded guilty on Feb. 26, when the judge said he was cooperating with prosecutors.

I apologize for my conduct, Lack told U.S. District Judge William Dimitrouleas. I was given an opportunity to make amends for what Ive done, which I did to the best of my ability.

Lack is among about three dozen foreign bankers, lawyers and advisors who have been charged since 2009. More than 70 U.S. taxpayers have also been accused. Thirteen Swiss banks are under criminal investigation after Credit Suisse pleaded guilty last week to helping American evade taxes.

More than 43,000 U.S. taxpayers have avoided prosecution since 2009 by voluntarily disclosing their offshore accounts to the U.S. Internal Revenue Service and paying back taxes and penalties.

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