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American clients who each hid more than 1 million Swiss francs in undeclared bank accounts with UBS AG between 2001 and 2008 could have their details turned over to the U.S. government, Swiss officials said Tuesday.
Swiss bank UBS AG, which has been plagued by losses and customer withdrawals, said Tuesday it aims to make an annual pretax profit of 15 billion Swiss francs ($14.9 billion) in three to five years.
A Florida yacht broker who admitted filing a false U.S. tax return and concealing millions of dollars in a secret account at Swiss bank UBS AG was sentenced Friday to two months in prison.
Swiss bank UBS AG reported a third-quarter net loss of 564 million Swiss francs ($542 million) Tuesday, blaming accounting charges of 2.15 billion francs for keeping it in the red.
A federal judge Friday rejected a plea for probation from a New York businessman who admitted concealing $8 million in secret Swiss bank accounts, imposing instead a three-month prison term in the high-profile tax evasion case.
Swiss investment bank UBS AG said Tuesday it has named former Merrill Lynch & Co. executive Robert McCann as CEO of its U.S. wealth management unit, replacing Marten Hoekstra, who had held the position since February.
A California man on Tuesday formally pleaded guilty to failing to report more than $1 million he transferred to a Swiss bank account.
A Malibu man has pleaded guilty to failing to report more than $1 million he transferred to a Swiss bank account.
A retired Boeing Co. sales manager is the latest of about half a dozen people to accept plea agreements in a federal investigation of tax-evasion schemes involving the Swiss banking giant UBS.
A New Jersey client of the international banking giant UBS AG has pleaded guilty to concealing more than $6 million in assets in Swiss bank accounts.
A New Jersey client of the international banking giant UBS has pleaded guilty to concealing more than $6 million in assets in Swiss bank accounts.
A former banker described by prosecutors as the man most responsible for sparking a broad U.S. investigation into rich Americans' use of secret Swiss bank accounts to evade taxes was sentenced Friday to more than three years in federal prison.
The United States will release details Wednesday on its agreement with Switzerland to end their tax evasion dispute involving UBS AG, a U.S. treasury spokeswoman said.
Wealthy American clients of Swiss bank UBS AG used sham corporations set up in havens from Hong Kong to the British Virgin Islands as part of their efforts to evade U.S. taxes, according to documents filed in Florida and California court cases.
A former banker described by prosecutors as the man most responsible for sparking a broad U.S. investigation into rich Americans' use of secret Swiss bank accounts to evade taxes was sentenced Friday to more than three years in federal prison.
The Vatican's newspaper on Thursday praised as a step toward "ethical finance" a deal announced by the Swiss and U.S. governments to settle American demands for the identities of suspected tax dodgers.
The Swiss and U.S. governments announced a deal Wednesday to settle American demands for the identities of suspected tax dodgers, despite Switzerland's vaunted bank secrecy. But they kept all details under wraps, including how many of the 52,000 names sought by the IRS from banking giant UBS AG will be revealed.
Hard-hit Swiss bank UBS AG, beset by a U.S. tax evasion probe, posted a second quarter loss of 1.4 billion Swiss francs ($1.3 billion) Tuesday in an improvement over the first three months of the year.
Days before a high-stakes trial with implications for bankers worldwide, the U.S. and Swiss governments said Friday they reached a hard-fought settlement in the U.S. effort to get names of thousands of wealthy Americans suspected of evading taxes by hiding billions of dollars with Swiss banking giant UBS AG.
A New York businessman who last year was talked out of coming clean with the Internal Revenue Service pleaded guilty Tuesday to U.S. tax charges stemming from a wide-ranging investigation into secret accounts at Swiss bank UBS AG.
Negotiations aimed at settling the Internal Revenue Service's tax evasion lawsuit against Swiss bank UBS AG gained traction Monday when a federal judge agreed to postpone the case until early August or possibly longer.
Switzerland's government said Wednesday it would forbid the Swiss bank UBS AG from complying with any court-ordered transfer of data on tens of thousands of American clients to the U.S. government, and would consider seizing documents to prevent that.
Swiss bank UBS AG "systematically and deliberately" violated U.S. law by dispatching private bankers to recruit wealthy Americans interested in evading taxes and must be forced to reveal the identities of 52,000 of those clients, the Justice Department said in a court filing Tuesday.
A wealthy accountant who is the first U.S. citizen charged in a wide-ranging tax probe of Swiss banking giant UBS AG has pleaded guilty to filing a false tax return.
Credit ratings agency Moody's Investors Service on Monday said it will review whether to lower key ratings for UBS AG, the huge Swiss bank that has been hit hard by the financial crisis and a U.S. legal probe into its American clients' offshore accounts.
UBS speculates on hidden agenda in Nokia patent disputeFollowing news of Nokia's patent infringement lawsuit against Apple, UBS analyst Maynard Um suggests the possibility of a hidden agenda.
Sixth UBS Client Steps Forward In IRS Tax-Evasion CrackdownA retired Boeing sales manager from the Seattle area became the sixth client of Swiss banking giant UBS to face criminal charges in this year
Ex-UBS banker turned tax evasion informant gets 40-month sentenceThe former UBS banker who gave federal prosecutors inside information about the Swiss banking giant's business helping wealthy Americans hide assets offshore was sentenced to 40 months in prison Friday for his own role in the once-secret scheme.
CNBC Host: Tax Havens Help Prevent Tyrannyexcerpt: "" Yesterday, the Swiss bank UBS announced that it was turning the names of 4,450 American account holders over to the IRS, in the culmination of a three-year IRS investigation into UBS' work helping wealthy Americans evade taxes.
For American Who Blew Whistle, Only Reward May Be a Jail SentenceThe jail time could be tempered by the possibility of financial reward. Under IRS regulations, people who blow the whistle on tax cheaters can be eligible for rewards of up to 30 percent of any money the IRS recoups.
"UBS will give U.S. authorities the names of about 5,000 wealthy Americans suspected of using the Swiss bank to evade taxes under a deal that will be formalized this week, a U.S.
BBC NEWS | Business | US agrees Swiss tax deal over UBShe Swiss banking giant will now give the US tax authorities the details of 4,450 accounts, US officials said. Internal Revenue Service Commissioner Doug Shulman said the accounts held $18bn in assets at one time, and many have since been closed.
US says building criminal cases against UBS clientsThe United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information.U.S.
5,000 USA Rich's Worst Monday - UBS Naming Names on AccountsMy Monday is pretty much planned out. Aside from a natural disaster or other altering event, assuredly my Monday will be much better than these 5,000 UBS offshore banking customers. Hopefully there's enough to cover back tax in each.
Swiss Bank Inquiry Widens as UBS Client Pleads Guilty Federal prosecutors have widened their investigation into Swiss banks suspected of selling offshore tax evasion services to wealthy Americans to include a small private bank based in Zurich, according to court documents filed on Tuesday.
DOJ Tells UBS They Must Release Names Of 52,000 U.S. Tax Cheats excerpt: ""It is curious that this AP article left out one giant aspect of the UBS scandal -- the role former GOP Senator Phil Gramm may have played in their illegal activity""
UBS warns on 'criminal' US tax treaty breachUBS warned it would be forced to break Swiss criminal law if it gave America's tax authorities the names of potential tax evaders. The bank was responding to a lawsuit filed in February by the Internal Revenue Service demanding that UBS hand over the names of 52,000 Americans wi …
Judgment Day for Tax Cheats "One wonders if Phil Gramm has been made just a tad nervous by the news on Tuesday that one of UBS's super-wealthy private clients has pleaded guilty to tax evasion. '
Endgame for Gramm?One wonders if Phil Gramm has been made just a tad nervous by the news on Tuesday that one of UBS' super-wealthy private clients has pleaded guilty to tax evasion.
Bad Deal: Banks Paid By AIG With U.S. Taxpayer Dollars, - Where's The Equity Stakes?"Financial companies that received multibillion-dollar payments owed by A.I.G. include Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion), Citigroup ($2.3 billion) and Wachovia ($1.5 billion).
UBS Raises Top Bankers Salaries as Bonuses FallA pay raise might be the last thing a bank is expected to offer these days. But UBS is doing exactly that as the Swiss bank is looking for new ways to compensate its investment bankers, two people with direct knowledge of the changes told DealBook.
52,000 tax avoiders? its going to be a fightLast week, the Justice Department sued UBS for access to some 52,000 accounts belonging to U.S. clients.
UBS in $31bn bond order mistakeAs costly errors go, mistakenly placing a order for 3 trillion yen ($31bn; £21bn) of company bonds is likely to rank as one of the worst.
The End of Swiss Banking as We Knew it?The CEO of UBS: "We have a very clear distinction between tax fraud, which is a criminal offense, and tax avoidance, which is not a criminal offense."
Clock ticking for Swiss banking secrecy The decision by Switzerland's biggest bank, UBS, to hand over details of a few hundred US clients to the US authorities has shocked the Swiss banking community, and led many to the conclusion that the days of Swiss banking secrecy are now numbered.
The UBS Mental Recession Slipping into Mental DepressionOh, those good ol' boys...those juggernauts of the business world acute with their wisdom and core values at UBS.
The Swiss Bank UBS Is Set to Open Its Secret Files - NYTimes.comThe Swiss Bank, UBS will be opening its files to U.S. agents. UBS openly admitted to having given advice on how to evade taxes to U.S citizens.
Swiss Bank Executive Indicted in U.S. InquiryA senior Swiss executive at the banking giant UBS has been indicted in an investigation of the bank and its offshore private-banking services for wealthy Americans, federal prosecutors said Wednesday. Prosecutors for the United States attorney's office in the Southern District …
Wondering where all those CEO bonuses went in the current economic meltdown? Here's how bankers hid their cash and cheated the IRS. Olenicoff's fortunes took a dive in 1994, when the Internal Revenue Service, in the course of monitoring fund transfers, noticed large sums moving from Olenicoff's accounts to countries with a reputation as tax havens.
Political Futures: From TV to the Senate?It's no secret that Chris Matthews, the high-voltage host of "Hardball" on MSNBC, has been considering a run in 2010 as a Democrat for the Senate seat held by Arlen Specter, Republican of Pennsylvania.
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