Ex-UBS Banker Indicted In Tax Conspiracy Case

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Ex-UBS Banker Indicted In Tax Conspiracy Case

Post by jg » Thu Aug 04, 2011 9:04 pm

August 02, 2011 (Bloomberg News)
A former UBS AG banker was indicted on a charge of conspiring to help wealthy Americans evade taxes by hiding accounts in a smaller Swiss regional bank.

Martin Lack, a Swiss resident and independent investment adviser, helped U.S. clients hide assets from the Internal Revenue Service through accounts at UBS and the so-called cantonal bank, according to an indictment in federal court in Fort Lauderdale, Florida. That bank, not named in the indictment, is Basler Kantonalbank, according to a person familiar with the matter.

The indictment cites nine U.S. customers that Lack assisted. He helped them withdraw cash from undeclared accounts and discouraged them from joining an IRS amnesty program, according to the indictment. UBS, the largest Swiss bank, avoided prosecution in 2009 by paying $780 million and admitting it helped Americans evade taxes.

full article at http://www.fa-mag.com/pw-mag/pw-news/81 ... -case.html
“Where there is an income tax, the just man will pay more and the unjust less on the same amount of income.” — Plato