UBS boss charged over tax evasion

[Octafish]

Source: BBC

UBS boss charged over tax evasion

UBS was already trying to improve its reputation

BBCnews.com
Nov. 13, 2008

A senior director of Swiss bank UBS has been charged by US authorities with helping US citizens commit tax evasion totalling $20bn (£13.5bn).

In a move that once more raises questions over secretive Swiss banking practices, Raoul Weil is accused of helping 20,000 US investors evade tax.

He was said to have aided the tax evasion between 2002 and 2007, helping UBS gain $200m in revenues.

A lawyer for Mr Weil said the charges were "totally unjustified".

'Negative headlines'

Analysts said the charges against Mr Weil would not affect the bank's long term future, but that it was not good for UBS's already damaged reputation.

CONTINUED...






Read more: http://news.bbc.co.uk/1/hi/business/7727796.stm

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UBS is where Phil Gramm found employment, after helping foist ENRON and his wife on America.

[El Supremo]

1. I finally got all my accounts out of UBS last month.

I would recommend that everyone do the same.

[Robbien]

2. UBS executive charged with helping 20,000 Americans avoid taxes

Source: The Guardian

A senior executive at the Swiss bank UBS has been charged with helping thousands of Americans to avoid tax in a long-running international dispute which has brought the US authorities into conflict with Switzerland's stringent tradition of bank secrecy.

Federal prosecutors in Miami today unsealed an indictment accusing Raoul Weil, head of UBS's wealth management division in Zurich, of conspiring to defraud the US through tax evasion. The charge carries a maximum penalty of five years in prison.

The department of justice alleges that 20,000 American clients have been systematically using Swiss bank accounts to conceal $20bn of assets from the Internal Revenue Service.

. . .

Birkenfeld told investigators that UBS went to great lengths to advise its clients on how to avoid tax - including telling them to mislead customs officials and advising them to use Swiss credit cards. He even claimed that he couriered diamonds across an international border in a tube of toothpaste for one client.

Prosecutors today said that UBS generated $200m in annual revenue from cross-border business between 2002 and 2007. In 2004, the US attorney said, bankers reporting to Weil travelled 3,800 times to the US to discuss clients' accounts.

Read more: http://www.guardian.co.uk/business/2008/nov/12/ubs-usec...

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One of the corrupt crooks finally is charged. But like most the execs in the whole financial mess, this exec won't see one day in court. He is Swiss and the Swiss do not allow their citizens to be extradited.

[Raschel]

3. As Phil Gramm, Vice Chair of UBS would say, "quit whining". Remember Phil

was in the wings for Secretary of the Treasury for McCain. Makes you feel cozy and secure here in the US of A, doesn't it?

[Baby Snooks]

5. Hopefully he's next...

He and his smarmy wife no doubt were among the "unindicted co-conspirators" in the Enron investigation, many of whom were also unnamed, so it would be nice if he were finally indicted for something.

About the only thing Phil Gramm has ever done for the American people was to serve as the first nail in John McCain's presidential campaign coffin. Of course his co-hort Kay Bailey Hutchison is probably dusting off her pom-poms just in case he is. To do her "technicality" cheer for corruption. Democrats commit crimes. Republicans commit technicalities.

[Shoelace]

4. 20 BILLION BUCKS DOWN THE DRAIN!!

and that's probably the tip of the iceberg. Gosh it just makes me feel all warm and fuzzy seeing that big chunk of change coming out of our paychecks every month to support the lifestyles of the rich and famous!

[formercia]

6. Hiding their loot

First they steal us blind, then they don't pay taxes on it.

That's what did-in Al Capone.