DOJ Targets Approximately 20,000 Investors as Co-Conspirators in Criminal Tax Fraud Investigation of UBS

Fenwick & West LLP
Contact

The United States Department of Justice has opened a new front on its war against allegedly fraudulent tax shelters. On November 12, 2008, the United States indicted a senior executive at UBS AG for tax evasion. The indictment accuses the executive, Raoul Weil, of participating in a criminal tax evasion scheme involving other UBS executives, employees, and private bankers, as well as approximately 20,000 American clients. According to the indictment, Weil and other UBS executives, employees, and private bankers set up offshore accounts to hide approximately $20 billion in client assets and the income derived from those assets from the IRS. Weil allegedly characterized this branch of UBS’s business as “‘toxic waste’ because they [UBS] knew that it was not being conducted in a manner that complied with United States law….”

Please see full alert for more information.

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fenwick & West LLP | Attorney Advertising

Written by:

Fenwick & West LLP
Contact
more
less

Fenwick & West LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide