{"id":5746,"date":"2015-02-04T00:00:00","date_gmt":"2015-02-04T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/02\/ubs_under_scrutiny_in_new_tax_1"},"modified":"2022-05-06T12:15:45","modified_gmt":"2022-05-06T17:15:45","slug":"ubs-under-scrutiny-in-new-tax-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-under-scrutiny-in-new-tax-1\/","title":{"rendered":"UBS Under Scrutiny in New Tax Evasion Probe"},"content":{"rendered":"\n

U.S. prosecutors have opened a new investigation into whether UBS AG (UBS)<\/a> helped Americans avoid paying taxes via investments that were banned in the country. The government is looking at whether the Swiss bank used bearer securities, which may be used as if they were cash. These securities were phased out of the financial system in the U.S. more than thirty years ago because they can be used in money laundering and tax evasion.<\/p>\n

According to the Wall Street Journal<\/em>, not only are prosecutors in the U.S. attorney\u2019s office in Brooklyn looking at evidence of whether bank employees played a role in allowing securities fraud and tax evasion to happen, but also they are seeking proof that there may have been a criminal cover up internally. A whistleblower is involved in this latest probe.<\/p>\n

In 2009, UBS paid $780 million to resolve a tax evasion investigation by the Department of Justice. The Swiss bank admitted that it encouraged this type of conduct. As part of the settlement it disclosed the identities of 250 American banking clients. It settled another U.S. lawsuit in which it revealed the names of 4,450 U.S clients with UBS accounts.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. prosecutors have opened a new investigation into whether UBS AG (UBS) helped Americans avoid paying taxes via investments that were banned in the country. The government is looking at whether the Swiss bank used bearer securities, which may be used as if they were cash. These securities were phased out of the financial system […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3755],"tags":[],"class_list":["post-5746","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-ubs"],"yoast_head":"\nUBS Under Scrutiny in New Tax Evasion Probe — Investor Lawyers Blog — February 4, 2015<\/title>\n<meta name=\"description\" content=\"U.S. prosecutors have opened a new investigation into whether UBS AG (UBS) helped Americans avoid paying taxes via investments that were banned in the — February 4, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ubs-under-scrutiny-in-new-tax-1\/\" 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