Financial Transparency Coalition

Two former employees of Edward H. Okun, who was sentenced to 100 years in prison on Aug. 4, 2009, after a three-week jury trial, were sentenced today before U.S. District Judge Robert E. Payne for their roles in a scheme to defraud and obtain approximately $126 million in client funds held by The 1031 Tax Group LLP (1031TG).

Federal prosecutors are building criminal cases against 150 wealthy American clients of the Swiss banking giant UBS as part of a continuing investigation into tax evasion, a person briefed on the matter said Thursday.

Details of a historic settlement between the U.S. and Swiss governments over secret accounts at UBS remain, well, secret. But the case marks the biggest assault yet against Swiss banking.

Swiss-American Chamber of Commerce CEO Martin Naville, Global Financial Integrity Program Legislative Director Heather Lowe and Campaign for Liberty Senior Vice President Jesse Benton on the U.S. striking a deal to get the names of some holders of secret Swiss bank accounts in an effort to get more tax revenue.