In anticipation of a hearing scheduled for this morning, the Senate Permanent Subcommittee on Investigations has released a lengthy report detailing the results of their six month investigation into the practices of LGT bank of Liechtenstein and Switzerland's UBS.

Much of the impetus for this of course stems from one Mr. Heinrich Keiber and his famously stolen list of clients of Liechtenstein bank, LGT. Kieber is currently in hiding - a sound policy when you've royally pissed off an entire black book's worth of the world's wealthiest people.

Authorities were also aided by former UBS banker Bradley Birkenfeld who recently plead guilty to aiding clients at UBS in evading taxes. Birkenfeld hipped authorities to billions in undeclared accounts of U.S. clients that were being discreetly held by UBS.

Mario Staggl, another UBS banker implicated in the tax evasion scheme, is currently a fugitive - wanted for failing to appear in U.S. federal court to answer charges that he aided clients in hiding some $200 million from the tax man. And yet Staggl, for a fugitive from justice, is living quite the normal life in Liechtenstein.

I haven't yet had a chance to review the Senate sub-committee report, which is not available online as of this writing. According to media reports, here are a few of the faces you can expect to see and names you can expect to see mentioned:

Frank Lowy - The Westfield Group's billionaire shopping mall magnate. Make it a family affair - Frank Lowy and sons Peter, David and Stephen are all under investigation. Peter Lowy is expected to appear at the hearing.

Harvey Greenfield - Toy industry executive of Commonwealth Toy and Novelty. Both Greenfield and son Steven are under investigation. Greenfield is expected to appear at the hearing.

James Albright Marsh - A Florida contractor, now deceased. One of Marsh's two sons, Shannon Marsh is on the witness list for the subcommittee hearing but is not expected to appear.

Richard M. Chong, a venture capitalist and (I believe) a Partner a Sycamore Ventures.

William Wu - a "wealthy Chinese businessman based in Queens, New York." Wu is also scheduled to testify at the hearing.

Igor Olenicoff, the California real estate tycoon. Olenicoff has already plead guilty to tax evasion charges and agreed to pay $52 million to the IRS.

In the most rousing bit of theater, Heinrich Kieber - the elusive informant that sold off LGT's private banking client list - is expected to appear via video to testify (scratch that - it has been reported as a pre-taped statement). That should still be worth tuning in for - no doubt.

Other notable names on the witness list are Martin Liechti and head of UBS Wealth Management Americas; and Mark Branson, chief financial officer of UBS Global Wealth Management and Business Banking. You may recall that Liechti was previously detained by U.S. authorities.

You can view the full witness list for the hearing online.

-- MDT

Labels: Bradley Birkenfeld, Heinrich Kieber, LGT, Mario Staggl, tax evasion, UBS