Financial Transparency Coalition

Edward H. Okun, the former owner of The 1031 Tax Group LLP (1031TG), was sentenced today to 100 years in prison for his leading role in a scheme to defraud and obtain approximately $126 million in client funds held by 1031TG.

National Public Radio: It's been an eventful week for Swiss banking giant UBS. It posted a $1.3 billion loss on Tuesday — its third straight quarterly loss.

There's been some very disappointing news over the past 24 hours leaking out of the UBS settlement negotiations indicating that the Swiss banking giant will not be forced to pay a fine in the case and will only be required to reveal roughly 5,000 names - a fraction of the 52,000o offshore UBS accounts controlled by Americans in Switzerland. If this indeed is what the final settlement includes, then it will be a sad day for justice. Indeed the Swiss are even admitting that this settlement plan would do nothing to impart Swiss banking secrecy. From the...

The proposed resolution to a U.S. government demand for information about thousands of Americans suspected of using Swiss accounts to evade taxes would leave Swiss bank secrecy intact, a top Swiss official has said.