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Aaron747
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Joined: Thu Aug 07, 2003 2:07 am

Major UBS Fraud: Client Tax Evasion Conspiracy

Wed Feb 18, 2009 11:22 pm

As if we needed any more disgusting news about the global financial industry, now it seems Swiss giant UBS was actively involved in defrauding the US government, including setting up fake accounts on behalf of some of its largest clients.

UBS has made the unprecedented step of agreeing to immediately turn over to the U.S. government account information for U.S. customers of the bank's cross-border business.

In doing so, federal authorities have struck a big crack in Switzerland's vaunted bank secrecy laws.


Will we ever know exactly how much their clients would have been on the hook for had they not filed fraudulent tax returns at the behest of their bank??

UBS will pay $780 million in fines, penalties, interest and restitution for conspiring to create sham accounts

http://news.yahoo.com/s/ap/20090218/ap_on_bi_ge/ubs_secrets

That's all well and good, but what do finance treaties say about foreign banks encouraging US customers to avoid taxation? Can anyone go to jail for that? One wonders...
If you need someone to blame / throw a rock in the air / you'll hit someone guilty
 
WunalaYann
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Joined: Mon Mar 07, 2005 12:55 am

RE: Major UBS Fraud: Client Tax Evasion Conspiracy

Wed Feb 18, 2009 11:43 pm



Quoting Aaron747 (Thread starter):
That's all well and good, but what do finance treaties say about foreign banks encouraging US customers to avoid taxation? Can anyone go to jail for that? One wonders...

Be prepared to hear from our members from Switzerland and Bahamas about the legality of banking activities in these countries.  Smile
 
ltbewr
Posts: 12362
Joined: Thu Jan 29, 2004 1:24 pm

RE: Major UBS Fraud: Client Tax Evasion Conspiracy

Wed Feb 18, 2009 11:48 pm

The wall of Swiss bank account secrety wall broke several years ago over the holding of monies of Jews deposited with them during the Nazi era, the use of Swiss banks by drug trafficers and by crooked international politicans from 3rd world countries. As UBS has significant subsidaries and operations in the USA, that means they have to follow USA law and not hold accounts of USA citizens as secret from the USA's tax collecters, the IRS. If they continue, they could lose all licenses to do business in the USA. I have no problem with the huge fines they and the account holders will pay along with the evaded taxes. Those at UBS who did these accounts should be subject to arrest if they ever come to the USA or any country where we could have them arrested and extridited to us.

Now I wonder if the rest of the world, perhaps via the UN, will push for the end of Swiss and other countries or territories secret accounts for their usually criminal and tax evasion purposes.

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