U. S. to seek client names from UBS in tax case

From Wall St Journal 5/15/08 article
“U.S. prosecutors are expected to confront Swiss banking giant UBS AG with a broad subpoena for the names of wealthy American clients who may have used its services to avoid income taxes, according to lawyers and others involved in the case.

The subpoena would follow an indictment, unsealed Tuesday in Florida federal court, of former UBS private banker Bradley Birkenfeld and his alleged accomplice, Mario Staggl, a Liechtenstein businessman skilled in setting up intricate trusts in Europe and offshore tax havens. Mr. Birkenfeld pleaded not guilty Tuesday in Fort Lauderdale. Mr. Staggl, who is at large and believed to be in Liechtenstein, didn’t return phone calls or emails for comment…
The investigation focuses on whether UBS, Mr. Birkenfeld and Mr. Staggl helped clients hide assets in Swiss and Liechtenstein accounts, moves that allegedly allowed the clients to avoid reporting taxable income to the Internal Revenue Service from 2001 at least through 2006.”

Click here for complete article.

May 16, 2008 | Filed Under tax evasion, unreported income 

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