UBS is re-filing its lawsuit against distressed hedge fund firm Highland Capital claiming the firm did the Swiss bank out of $686 million in a CDO deal. The new case, filed Monday in New York State court, is reminiscent of the SEC’s case against Goldman Sachs over a CDO deal gone terrible.
Posts Tagged ‘Swiss Bank’
UBS re-Files Highland Capital CDO Case
July 2nd, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: 686, Cdo, Goldman Sachs, Hedge Fund, Highland Capital, Losses, New Case, New York State, New York State Court, Sec, Swiss Bank, Ubs 
Comments OffCredit Suisse CEO Earns $17.9 Million
March 29th, 2010 Before You Invest Credit Suisse Group Chief Executive Brady Dougan got $17.9 million for 2009, the Swiss bank said Thursday. The payout was more than six times what he got in 2008, reflecting Credit Suisse’s swift recovery from the financial crisis.Mr. Dougan’s pay for 2009 was nearly double the $9.6 million that Goldman Sachs Group paid CEO Lloyd Blankfein, even though Goldman made 40% more in net income last year than Credit Suisse.
Posted in Finance Fraud Tags: 6 Million, Brady Dougan, Ceo, Credit Suisse, Credit Suisse Group, Financial Crisis, Goldman Sachs, Goldman Sachs Group, Group Chief Executive, Lloyd, Net Income, Six Times, Swift Recovery, Swiss Bank Comments OffGlobal head of equities at UBS quits
March 24th, 2010 Before You Invest Daniel Coleman, the global head of equities for UBS, has resigned from his post after 24 years with the Swiss bank, it has been reported.News of his departure was circulated via an internal memo at UBS, which was then leaked to the media.While Mr Coleman is to stay on at the bank “for the next few months” in an advisory capacity, his chief duties have been handed over to Neal Shear, global head of securities at UBS.One unnamed executive at the Swiss firm told the Financial Times: “Clearly it is sad that Daniel is leaving but after such a long time it is understandable that he want to go on.”Last year was a hard one for the company, in which it cut staff levels by 16 per cent in an attempt to return to profitability.The job cuts eventually paid off, with UBS reporting a $1.1 billion profit in the final quarter of 2009.
Posted in Finance Fraud Tags: 1 Billion, 24 Years, Advisory Capacity, Chief Duties, Daniel Coleman, Financial Times, Global Head, Global Securities, Internal Memo, Job, Long Time, Profitability, Staff Levels, Swiss Bank, Swiss Firm, Ubs Comments OffSwiss bank UBS AG agreed to pay $780 million and hand over information for about 4,500 accounts to settle civil and criminal charges against it.
March 12th, 2010 Before You Invest Swiss bank UBS AG agreed to pay $780 million and hand over information for about 4,500 accounts to settle civil and criminal charges against it.The agency reported a 13 percent rise in the number of probes the government calls “legal source” crimes. This is income from a legal business in which the income was masked or otherwise hidden. Convictions were up slightly for these crimes.There was also a 13 percent jump among what the government calls illegal-source financial crimes, those funds from sources such as gambling or gun-running, excluding narcotics.There was a slight drop in initiation of narcotics-related crimes.The IRS ran a voluntary amnesty program that finished last year that yielded about 15,000 new taxpayers coming clean with the government.Authorities say they are culling this information to potentially go after other individuals and other financial institutions that may have been helping Americans evade taxes.
Posted in Finance Fraud Tags: Amnesty Program, Convictions, Criminal Charges, Financial Crimes, Financial Institutions, Government Authorities, Illegal Source, Initiation, Irs, Legal Business, Legal Source, Narcotics, Probes, Swiss Bank, Taxpayers, Ubs, Ubs Ag Comments OffLuxAlpha Madoff victims barred from suing UBS
March 5th, 2010 Before You Invest Victims of Ponzi fraudster Bernard Madoff who invested in the LuxAlpha fund have been told they can not sue UBS, the bank which helped set up the investment vehicle, a court in Luxembourg has ruled.The ruling was made in a test case involving ten claimants following the filing of more than 100 lawsuits against UBS alleging that it neglected its duties in the management of the fund.It was ruled that victims must instead seek claims via the liquidators of the fund.Tatiana Togni, a spokeswoman for the Swiss bank, said: “UBS welcomes the clarification of Luxembourg law as expressed by today’s decisions of the Luxembourg Commercial Court.”Last month, UBS reported profits levels of $1.1 billion for the final three months of 2009.Chief executive officer Oswald Gruebel has set the bank an annual target of pre-tax profits of $15 billion – a figure he wishes UBS to achieve by 2014.
Posted in Finance Fraud Tags: 1 Billion, Bernard Madoff, Chief Executive Officer, Claimants, Clarification, Final Three Months, Fraudster, Investment Vehicle, Lawsuits, Liquidators, Luxembourg, Oswald Gruebel, Spokeswoman, Swiss Bank, Target, Tatiana, Tax Profits, Test Case, Ubs, Ubs Bank Comments OffUBS and US government reach tax dispute deal
August 13th, 2009 Before You Invest UBS has reached an agreement with the US government that will result in the Swiss bank settling a dispute over tax evasion out of court.Stuart Gibson, US justice department lawyer, said that both parties have settled on the details of a contract.But, Mr Gibson added that it will “take a small time for the agreements to be signed in final form”.Details of the arrangement, such as how many names of the US customers that hold offshore accounts at UBS will be revealed to the government, were not divulged.Florida-based tax lawyer William Sharp told the Associated Press that it is unlikely that such a go would have been made without a “substantial handover” of details.He predicted that “at least several hundred, if not thousands” of names have been supplied to the authorities.Shares in UBS fell earlier this week due to the ongoing negotiations, but have now rebounded on the news.
Posted in Finance Fraud Tags: Authorities, Florida Lawyer, Florida Tax, Handover, Justice Department Lawyer, Little Time, Many Names, Mr Gibson, Negotiations, Offshore Accounts, Shares, Stuart Gibson, Swiss Bank, Tax Dispute, Tax Evasion, Tax Lawyer, Ubs, Us Justice Department, William Sharp No Comments »UBS Sued By Spanish Investor Over Madoff
May 19th, 2009 Before You Invest A Spanish investor questioned a court to order UBS AG’s Luxembourg unit to release documents to help show alleged wrongdoing by the bank over losses tied to Bernard Madoff.UBS’s Luxembourg unit, custodian bank of now defunct Luxembourg Investment Fund, should hand over documents including “an operational memorandum” mentioning UBS, the fund and Bernard L.
Posted in Finance Fraud Tags: American Selection, Bernard Madoff, Custodian Bank, Dozens, Investment Firm, Investment Fund, Investment Securities, Investor, Investors, Lawyer, Losses, Luxembourg, Operational Memorandum, Perrot, Sicav, Spanish Investment, Swiss Bank, Ubs, Ubs Ag, Wrongdoing No Comments »UBS AG Client Pleads Guilty in Tax Fraud Crackdown
April 18th, 2009 Before You Invest A UBS AG client pleaded guilty as part of a U.S. crackdown on the Swiss bank’s help of wealthy Americans hiding assets from the Internal Revenue Service, U.S. Justice Department spokesman Charles Miller said.Robert Moran entered his plea yesterday in federal court in Fort Lauderdale, Florida, to a charge of filing a fake tax return, Miller said.UBS, the largest Swiss bank, avoided U.S.
Posted in Finance Fraud Tags: Charles Miller, Client Names, Compliance Programs, Crackdown, Fort Lauderdale, Internal Revenue Service, Irs, Justice Department Spokesman, Lauderdale Florida, Plea, Prosecution, Robert Moran, Swiss Accounts, Swiss Bank, Tax Fraud, Tax Return, Taxpayers, Ubs, Ubs Ag, Wealthy Americans No Comments »UBS AG to Disclose Names of Swiss Bank Clients and Pay $780 Million Fine
February 20th, 2009 Before You Invest UBS AG, Switzerland’s largest bank, will pay $780 million and tell the names of some secret account holders to avoid U.S. prosecution on a charge that it helped thousands of wealthy Americans evade taxes.The Justice Department accused UBS of conspiring to defraud the U.S. by helping 17,000 Americans hide accounts from the Internal Revenue Service.
Posted in Finance Fraud Tags: Ag Switzerland, Bank Clients, Bank Secrecy, Broker Dealer, Internal Revenue Service, Investment Adviser, Irs, Justice Department, Legal Battles, Prosecution, Prosecutors, Securities And Exchange, Securities And Exchange Commission, Swiss Bank, Swiss Government, Ubs, Ubs Ag, Veil, Wealthy Americans, Zurich No Comments »No more veil of secrecy : Swiss Bank to Give Up Depositors’ Names to Prosecutors
February 19th, 2009 Before You Invest In a significant break from Switzerland’s tradition of banking secrecy, UBS AG has agreed to turn over to the U.S. government the names of about 250 account holders and pay a $780 million fine as part of a deal to settle a U.S. criminal probe, the Department of Justice said.
Posted in Finance Fraud Tags: Bank Offshore, Banking Secrecy, Criminal Probe, Deferred Prosecution Agreement, Department Of Justice, Depositors, Names, Offshore Private Banking, Private Banking Services, Prosecutors, Risk, Swiss Bank, Switzerland, Tax Evasion, Tradition, Ubs, Ubs Ag, Veil, Wealthy Americans Comments Off
