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 […]

September 18, 2008 | Filed Under UBS, tax evasion | Share your thoughts... 

Tax Haven Bank Secrecy Tricks

Senator Carl Levin (D-MI) revealed a list of “secrecy tricks” he said the UBS
bankers used to carry out their tax haven schemes.  They include:
• Code Names for Clients
• Pay Phones, not Business Phones
• Foreign Area Codes
• Undeclared Accounts
• Encrypted Computers
• Transfer Companies to Cover Tracks
• Foreign Shell Companies
• Fake Charitable Trusts
• Straw Man Settlors
• Captive […]

July 31, 2008 | Filed Under UBS, tax evasion, tax haven, unreported income | Share your thoughts... 

Permanent Subcommittee on Investigations Issues Report On Tax Haven Banks Hiding Billions from the IRS

7/17/08 Press Release from Michigan Senator Carl Levin’s office-
WASHINGTON – At a Thursday hearing entitled, Tax Haven Banks and U.S. Tax Compliance, the latest in a series of hearings with insider information about the workings of the offshore industry, the Senate Permanent Subcommittee on Investigations will examine how tax haven banks facilitate tax evasion by U.S. […]

July 21, 2008 | Filed Under UBS, irs, tax evasion, tax haven, unreported income | Share your thoughts... 

UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says

UBS, LGT Helped Hide Assets, Evade Taxes, Senate Says (Update2)
By David Voreacos and Carlyn Kolker, Bloomberg.com
 UBS AG and Liechtenstein bank LGT Group aided rich U.S. clients who wanted to disguise ownership of accounts and evade taxes on hidden assets, a Senate subcommittee said.
UBS, the world’s largest wealth manager, hid as much as $17.9 […]

July 18, 2008 | Filed Under UBS, irs, tax evasion, tax haven, unreported income | 1 Comment 

IRS Taps Audit Firms to Probe Foreign Bank Role in Tax Cases

July 3 (Bloomberg) — The Internal Revenue Service summoned six of the biggest accounting firms to help detect foreign banks whose U.S. customers may be evading taxes through secret accounts, expanding an investigation that yielded a guilty plea by a former banker for UBS AG.
The IRS scheduled a July 8 conference call with the auditors […]

July 3, 2008 | Filed Under UBS, tax evasion, unreported income | Share your thoughts...