According to reports, Mr Zabczuk hid assets from the tax authorities between 1999 and 2009 by using a number of UBS bank accounts which he directed customers to pay him through.
Money from his offshore accounts was transported back to the US following withdrawals from branches in other parts of the world.
The businessman received a house arrest penalty equal to a year as well as a $2,000 fine when he was sentenced at a court in Miami.
William Dimitrouleas, US District Judge, who was quoted by Bloomberg, said: âI know the importance of deterrence. If I impose a slap on the wrist, there may be more people who take the risk of not paying their taxes.â
UBS avoided facing prosecution by the US authorities after agreeing to pay $780 million and revealing the names of US clients who had opened accounts with the bank to avoid paying tax.
A further 4,450 names of account holders were also disclosed by the bank following the agreement.
By Jim Ottewill