Sunday, May 11, 2008

UBS Investigated for Tax Fraud

According to Bloomberg.com, the Department of Justice is investigating whether UBSank helped clients evade American taxes.

The article reports that the Justice Department is investigating UBS's conduct in relation to services provided by Swiss-based client advisers to U.S. clients between 2000 and 2007. The SEC is also investigating whether UBS employees in Switzerland who advised U.S. clients failed to register with the agency as required, according to the article.
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