August 19th, 2009
Wealthy U.S. citizens using a tax-evasion amnesty program have identified nearly 10 Swiss and European banks where their accounts are held, opening new fronts in the Internal Revenue Service's probe into potential tax crimes, according to people familiar with the situation.
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August 19th, 2009
UBS AG will hand over some 4,450 names of U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce in total 10,000 account identities, according to people familiar with the situation.
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August 19th, 2009
The
Wall Street Journal is reporting that the landmark settlement in the UBS legal battle will require the Swiss banking giant to disclose information on 4450 individuals resulting in the disclosure of information on 10,000 of the 52,000 American accounts held by the bank. It is additionally being reported that UBS will not be paying a fine. From the
WSJ:
UBS AG will hand over some 4,450 names of U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce in total 10,000 account identities, according to people...
August 18th, 2009
The United States government has
asked a judge for leniency with regard to the sentencing of its star UBS-informant, Bradley Birkenfeld, whose sentencing hearing is currently scheduled for Friday. In June 2008, Birkenfeld - the man who infamously detailed how he
smuggled diamonds through US customs in a toothpaste tube - plead guilty to one count of conspiracy to defraud the United States. Since then, however, he cooperated extensively with US investigators from a number of agencies, and became an invaluable informant/witness in the US's drawn out legal battle against UBS.
From the
AP:
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