US government opens around 100 UBS tax fraud cases.
Global Banking News - 03 April 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
The US Justice Department has opened about 100 criminal investigations into US clients of Swiss bank UBS AG (NYSE: UBS) (ZHR: UBSN) (UBSN.VX) for tax evasion, the New York Times has reported.
Citing an unnamed person familiar with the matter, the report said that several of the clients' accounts held over USD100m each, with the largest holding was USD150m. While many hold less than USD10m, they still could result in jail time of two years or more depending on the amount of taxes owed and if the clients don't cooperate, according to the newspaper.
Indictments of some clients are being prepared and charges could be brought in the coming weeks, the report said, citing the person.
Meanwhile, a UBS spokesman reportedly said that the bank promised to cooperate with federal authorities, it said.
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|Publication:||Global Banking News (GBN)|
|Date:||Apr 3, 2009|
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