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Swiss Bank Will Give Names of US Tax Dodgers

By John Johnson, Newser Staff

Posted Feb 18, 2009 6:55 PM CST

(Newser) – Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the names of as many as 250 American clients—a move that breaks with the usual traditions of bank secrecy.

The settlement will end criminal charges regarding UBS' offshore banking services, but a civil case brought by US tax officials is still on the books. Prosecutors in that case say the bank may be forced to turn over the names of at least 20,000 clients thought to be using UBS tools to skirt the IRS.

The logo of Swiss bank UBS is seen during the World Economic Forum in Davos, Switzerland. (AP Photo/Keystone, Alessandro Della Bella, File)

The logo of Swiss bank UBS is seen in Zurich, Switzerland. (AP Photo/Keystone, Alessandro Della Bella, File)

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COMMENTS

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Showing 3 of 9 comments

Guest

Feb 20, 2009 8:21 PM CST

Don't worry people, take heart! The legal system stopped this investigation. Somebody (with their name on the list no doubt) made a few phone calls. How much of this has been on the tv news? I haven't seen it once!

Guest

Feb 19, 2009 6:16 AM CST

yea because i'm rich so i'm better than you and your kids

Guest

Feb 19, 2009 6:15 AM CST

uh because this is about the richest people in the U.S. evading their taxes while everyone else has to pay them. i wish mccain were here, he would bless them with tax cuts...

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Department of Justice • Switzerland • UBS • Internal Revenue Service • tax fraud • banking industry

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Department of Justice • Switzerland • UBS • Internal Revenue Service • tax fraud • banking industry

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It's the largest fair-lending settlement in history

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Oswald Gruebel steps down from Zurich bank

Rogue UBS Trader Turned Himself In

And that's the only way the bank found him

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Swiss bank's shares dive after unauthorized trading revealed

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Swiss Bank Will Give Names of US Tax Dodgers

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OTHER STORIES ON OUR RADAR

Department of Justice • Switzerland • UBS • Internal Revenue Service • tax fraud • banking industry

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Identity Theft Probe Halted $1.4B in False IRS Refunds

105 busted in sweep

BofA Pays $335M to Settle Claims Over Minority Loans

It's the largest fair-lending settlement in history

UBS Chief Resigns After Trader's $2.3B Loss

Oswald Gruebel steps down from Zurich bank

Rogue UBS Trader Turned Himself In

And that's the only way the bank found him

Rogue UBS Trader Loses $2B

Swiss bank's shares dive after unauthorized trading revealed

About Us

Site

Newser By Users

Community

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More News

What is Newser?