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April 1, 2009

NYT: Justice Dept opens UBS criminal probes

By Spear's

The Justice Department has opened about 100 criminal investigations into wealthy American clients of the Swiss bank UBS, a person briefed on the matter said Wednesday.

The Justice Department has opened about 100 criminal investigations into wealthy American clients of the Swiss bank UBS, a person briefed on the matter said Wednesday.

Several accounts under scrutiny have more than $100 million in assets, with the single largest holding more than $150 million.

Federal prosecutors are investigating UBS, the world’s largest private bank, and its clients to determine whether they engaged in tax evasion by hiding money and assets offshore.

In February, UBS admitted to conspiracy to defraud the Internal Revenue Service and reached a $780 million agreement with the Justice Department over charges that it helped scores of wealthy Americans conceal money overseas in secret accounts that went unreported to the I.R.S.

To read the full story, visit nytimes.com

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