Gregg A. Kaminsky, CEO of Atlanta-based Circlenet LLC, will serve four months in federal prison for willfully failing to file a Foreign Bank Account Report with the Treasury Department in concealing income and assets in accounts in Switzerland, Hong Kong, and Thailand, as well as his failure to report certain income earned in the virtual world, “Second Life.”
He also must pay $91,983 in restitution.

According to the Justice Department, from 2000 through 2008, Kaminsky, 46, of Atlanta, owned and controlled a foreign bank account with Union Bank of Switzerland AG (UBS), one of the biggest banks in Switzerland and largest wealth managers in the world. By 2006, the internet entrepreneur’s UBS account held nearly $1.1 million. From time to time between 2002 and 2009, Kaminsky caused funds to be wire-transferred from his UBS account in Switzerland to other foreign bank accounts controlled by him in Thailand and Hong Kong. Also during that time, Kaminsky caused his income from at least two different U.S. companies to be direct-deposited into his UBS account in Switzerland.

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