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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.

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 ended 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.

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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

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LuxAlpha 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

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UBS 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.

However, Mr Gibson added that it will “take a little 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 move 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

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UBS Sued By Spanish Investor Over Madoff

May 19th, 2009

Before You Invest

A Spanish investor asked 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.

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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

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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 assistance 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 false tax return, Miller said.

UBS, the largest Swiss bank, avoided U.S.

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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

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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 disclose 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.

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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

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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.

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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

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National Bank of Kuwait has fully reimbursed all its clients who lost money in the alleged $50bn Ponzi scheme run by New York broker Bernard Madoff

February 1st, 2009

Before You Invest

National Bank of Kuwait has fully reimbursed all its clients who lost money in the alleged $50bn Ponzi scheme run by New York broker Bernard Madoff, banking sources said.NBK paid about $50m to some 20 individuals who invested in Madoff feeder funds through its Swiss bank in December, one NBK executive said.The clients received the principal they initially put into the funds and the gains, said by authorities to be fictitious, they thought they had made.

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