OC billionaire sues UBS in tax case

SANTA ANA, Calif.—An Orange County billionaire who pleaded guilty to filing a false tax return involving foreign banking accounts filed a lawsuit alleging Swiss bank UBS AG 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.

The lawsuit carries similar accusations against financial entities in Liechtenstein, where UBS allegedly moved Olenicoff’s $200 million in investments.

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September 18, 2008 | Filed Under UBS, tax evasion