Former UBS Banker Accused of Abetting Tax Evasion

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A former banker with UBS Bank of Switzerland was accused by the US Attorney’s Offce in Miami of helping wealthy Americans conceal information about their assets in a smaller Swiss bank, Basler Kantonalbank in an attempt to evade taxes. His advice was based on the presumption that a smaller bank would not attract as much attention from the US tax authorities.

Renzo Gadola, a Swiss national and head of RG Investment Partners, an investment advisory frm in Zurich, used to work in UBS from 1995 to 2008 when he left to form RG. He was arrested November 8 and scheduled to appear in Federal District Court in Miami shortly thereafter. According to prosecutors, Gadola had the help of a co-conspirator, a former senior UBS private banking executive, who was in charge of hundreds of American clients at UBS. In 2003, he left UBS to set up a private investment firm, taking about 150 UBS clients with him.

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