Seven UBS clients in the US were charged yesterday with hiding over $100 million in secret Swiss bank accounts to defraud the Internal Revenue Service in New York, adding to a number of cases involving former clients of the Zurich-listed banking and wealth management group.
Seven UBS clients in the US were charged yesterday with hiding over $100 million in secret Swiss bank accounts to defraud the Internal Revenue Service in New York, adding to a number of cases involving former clients of the Zurich-listed banking and wealth management group.
The account holders hid income and assets from the IRS using sham companies and evaded millions of dollars in income taxes, according to Preet Bharara, the US attorney for the Southern District of New York, and Victor Song, the chief of the United States Internal Revenue Service Criminal Investigation Division.
Two of the seven defendants, Jules Robbins and Federico Hernandez, pleaded guilty to separate criminal informations filed yesterday in Manhattan federal court and agreed to pay civil penalties of $20.8 million and $4.4 million, respectively.
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Charges also were unsealed against five additional defendants: Kenneth Heller, Sybil Nancy Upham, Richard Werdiger, Ernest Vogliano and Shmuel Sternfeld.
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