Ex-UBS banker pleads guilty to US tax scheme

[maddezmom]

Source: Reuters

FORT LAUDERDALE, Fla., June 19 (Reuters) - A former UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) banker pleaded guilty in federal court on Thursday to helping an unidentified billionaire real estate developer hide $200 million in assets from U.S. tax authorities.

Bradley Birkenfeld, a 43-year-old U.S. citizen, told a court in Fort Lauderdale that he was a UBS banker at the time, received a large salary, and was "incentivized" by his employer to carry out the activities that led to the charges.

He had previously pleaded not guilty. His change of heart and subsequent plea deal could affect an ongoing U.S. investigation of UBS's conduct in relation to services it provided to U.S. clients from 2000 through 2007.

U.S. media have reported that UBS is considering whether to reveal the names of up to 20,000 wealthy American clients as federal authorities intensify the probe into offshore bank accounts.



Read more: http://www.reuters.com/article/bondsNews/idUSN1947881120080619

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Billionaire Linked to UBS Tax Probe Hid Money in Offshore Banks
Filed under Investigations & Law, Igor Olenicoff
June 1, 2008 4:54 pm

Real estate billionaire Igor Olenicoff used several offshore banks to hide money from U.S. tax authorities, according to his guilty plea and court records linking him to an indicted former private banker at UBS AG.Olenicoff, chief executive officer and founder of Newport Beach, California-based Olen Properties Corp., lied to U.S. tax authorities about offshore accounts with Barclays Bank in the Bahamas, Salomon Smith Barney in London, UBS in Switzerland, and Neue Bank in Liechtenstein, according to papers filed with his Dec. 12 guilty plea in federal court in Santa Ana, California.

Olenicoff admitted failing to disclose offshore assets on his 2002 tax return and lying about overseas holdings from 1998 to 2004. He began moving money overseas at least 16 years ago, according to his plea agreement. Olenicoff said he was acting on the advice of bankers and accountants who told him to continue the practice.

MORE:http://www.thebillionaireslist.com/2008/06/01/billionaire-linked-to-ubs-tax-probe-hid-money-in-offshore-banks/

[WhiteTara]

1. looks like Gonzoles couldn't rid the justice

department of all true prosecutors!

[KansDem]

2. Yeah, he and Rove must have overlooked this one! (nt)

[tanyev]

3. All that money and the only political donations that come up for them were to Romney in '07.

Interesting.


OLENICOFF, IGOR M MR
LAGUNA BEACH,CA 92651 OLEN PROPERTIES CORPORATION/PRESIDE 3/20/07 $2,300 Romney, Mitt (R)
OLENICOFF, JEANNE MRS
LAGUNA BEACH,CA 92651 3/20/07 $2,300 Romney, Mitt (R)