Toy magnate, Jeffrey P. Chernick, pleads guilty to tax evasion in Fed crackdown.

A New York toy dealer who hid money at Zurich-based UBS and another Swiss bank has provided federal investigators a new lead in their growing crackdown on Swiss banks that help clients evade federal taxes.

Jeffrey P. Chernick, a Stanfordville, N.Y.-based toy company representative, pleaded guilty in federal court in Fort Lauderdale Tuesday to filing a false tax return that failed to disclose $8 million hidden in offshore Swiss accounts at UBS and a second Swiss bank. Previously the investigation had focused primarily on UBS.