Banker Pointed Feds to 150 UBS Clients Now Under Investigation, Filing Says
Posted Aug 18, 2009 12:00 PM CDT
By Martha Neil
More than 150 Americans with accounts at UBS AG are being investigated by federal authorities for potential tax fraud after a former employee of the Swiss bank helped point the finger at them, a government filing in a criminal case says.
It recommends a 30-month prison term for the employee, banker Bradley Birkenfeld, 44, who pleaded guilty last year to conspiring to help wealthy Americans avoid income tax by keeping assets in secret UBS accounts, reports Bloomberg.
Birkenfeld could get as much as five years when he is sentenced in federal court in Fort Lauderdale, Fla., later this month, but leniency is being recommended in exchange for the "substantial assistance" he provided in the investigation of others.
Earlier related coverage:
ABAJournal.com (2008): "Billionaire Olenicoff’s Plea Docs Describe Tax Evasion Techniques"