Tag:
tax evasion
Latest Headlines
Latest Headlines
Prosecutors eye Credit Suisse bankers and customers for tax evasion
Federal prosecutors continue to wage war on bankers who may have helped wealthy U.S. customers avoid taxes. Along with bankers at UBS and HSBC, bankers at Credit Suisse have found themselves under scrutiny.
In fact, prosecutors have just charged that four bankers at the venerable Swiss bank he
An Al Capone on Madoff family?
Bernard Madoff has apparently won lots of respect in prison for being a stand up guy; that is, he never cooperated with prosecutors and didn't take people down with him. The people he most wanted to protect were his family--his brother, wife and sons.
Some were convinced they played a role in
Finally, UBS, government deal announced
There was quite a build-up to this piece of news: UBS has agreed to turn over to the IRS details of 4,450 accounts, which hold around $418 billion. The account holders are suspected of tax evasion, and some will likely join the handful of American UBS clients who are now being prosecuted. Of cours
Tax havens change with times
The United States' aggressive probe of tax evasion via Swiss giant UBS has had a palpable effect on other countries. Switzerland of course is making it easier for other countries to probe tax fraud and evasion. The Financial Times notes that other offshore banking centers are also acting. The
New wrinkle in UBS tax-scam probe
Recall that UBS has admitted it failed to properly withhold taxes on 17,000 accounts held by Americans. But that may be a low-ball figure, according to the New York Times . Investigators are looking into how the bank handled taxes for 35,000 American accounts. "If UBS failed to collect taxes on
UBS aiming for a break up?
What to make of the latest UBS news? The bank is breaking into three distinct business units--Wealth management (sort of private banking), asset management and investment banking--and has been buffeted by regulatory and market activity. The recent tax evasion scandal, which is still unfolding, was
UBS to settle ARS issues for nearly $19.4 billion
We thought Citigroup might become the poster child for the auction rate securities scandals--yes we can now use that term--given the fact that New York regulators are convinced they destroyed a lot of evidence. But Citigroup's deal to buy back $7 billion in auction rate securities from individ
Ah swiss banking! UBS exec detained temporarily
American regulators seem determined to get to the bottom of whether UBS helped some of its American clients evade taxes. It sent a strong signal this week by temporarily detaining Martin Liechti, UBS's head of wealth management, Americas International. Detaining a top executive is bold move. Ti
