August 13, 2009 |
For years, Swiss bankers have marketed themselves to the world's super-rich as information black holes. Put your money in a Swiss bank account, they whisper, and you can hide it from your government's tax collectors, to say nothing about a prying spouse, or ex-spouse, or inconvenient creditors. It's a brilliant marketing tactic. Swiss banks don't necessarily get better investment returns than banks in other countries, but they do offer one huge competitive advantage: the possibility of secret manipulation of money.
August 1, 2009 |
Days before a high-stakes trial, the U.S. and Swiss governments said they had reached a 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. Both governments and UBS said details would remain confidential until a written settlement was finalized, probably within the next week.
July 31, 2009 |
As a federal probe of secret Swiss bank accounts made headlines in the summer of 2008, New York businessman Jeffrey P. Chernick got nervous. A middleman in international toy sales, Chernick had hidden millions of dollars from the Internal Revenue Service at Switzerland's largest bank, according to a recent court filing. Concerned that the bank, UBS, would spill his secrets to the U.S.
July 13, 2009 |
The U.S. and Swiss governments and banking giant UBS indicated Sunday that they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service's effort to identify thousands of suspected U.S. tax evaders. The motion, filed in Miami less than 24 hours before the hearings were to begin today, sought postponement until Aug. 3 "to allow the two governments to continue their discussions seeking a resolution of this matter."
February 20, 2009 |
A government lawsuit filed Thursday seeks the identities of tens of thousands of possible U.S. tax cheats who hid billions of dollars in assets at the Swiss-based bank UBS. A defiant Swiss president pledged to maintain his country's bank secrecy laws. In the suit filed in Miami, the Obama administration wants UBS to turn over information on as many as 52,000 U.S. customers who concealed their accounts from the government in violation of tax laws.
February 19, 2009 |
Banking giant UBS has agreed to pay $780 million and turn over once-secret Swiss banking records to settle allegations that it conspired to defraud the U.S. government of taxes owed by big clients, federal officials said Wednesday. As part of the deal struck in federal court in Fort Lauderdale, Fla., UBS has made the unprecedented step of agreeing to immediately turn over to the U.S. government account information for U.S. customers of the Zurich, Switzerland-based bank's cross-border business.
November 12, 2008 |
Switzerland said it hadn't given the U.S. any data on Swiss-based accounts of UBS clients because a request for assistance hadn't been decided upon. UBS, Switzerland's largest bank, is being investigated in the U.S. over whether it helped customers dodge American taxes. Former UBS banker Bradley Birkenfeld pleaded guilty in June to helping a billionaire UBS customer evade U.S. taxes, saying he and his colleagues engaged in a variety of schemes to help U.S. clients conceal $20 billion in assets and evade tax laws.
September 18, 2008 |
An Orange County billionaire who pleaded guilty to filing a false tax return involving foreign banking accounts filed a lawsuit alleging that Swiss bank UBS duped him into skirting U.S. tax laws. Real estate developer Igor Olenicoff filed the lawsuit Tuesday in U.S. District Court in Santa Ana, accusing the bank of telling him his fortune would be invested in accordance with U.S. tax laws, then hiding it in offshore entities.