Renzo Gadola was a former UBS Bank employee, having worked there from 1995 to 2008. He is also the informant to the IRS in their ongoing efforts to prosecute Swiss banks for assisting wealthy American taxpayers dodge taxes. For his role in the affair, Gadola could have been sentenced to a maximum of 16 years behind bars but was given five months' probation by a Florida federal judge and fined of $100 because the IRS sought for leniency on his behalf.
Gadola revealed some critical information that was hitherto unknown to the IRS – the role of cantonal (regional) banks including Basler Kantonalbank in abetting tax evasion by American taxpayers amounting to hundreds of millions of dollars in taxes. Gadola’s testimony will continue as a condition for his probation. According to a senior official of the US government, Gadola may now be called “to testify before a grand jury or at a trial against former clients, Swiss bank colleagues or other banks.”
Gadola got off easy compared to his erstwhile colleague, UBS ex-personal banker Bradley Birkenfeld, who was sentenced to 40 months jail in a rural Pennsylvania prison. Birkenfeld also helped wealthy American UBS clients evade taxes by hiding their taxable assets in Swiss bank accounts but subsequently turned informant on the matter. This led to a crackdown on UBS bank that later grew into a still-ongoing investigation by the US Justice Department on a dozen or so other Swiss banks.
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