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2/25/2009
Some Folks Just Don't Want Their Bank Records Released to Uncle Sam
1/28/2009
UBS On the Clock to Release Names, Lots and Lots of Names
Settlement Talks Afoot for UBS
Raul Weil Still a Fugitive
UBS to Divest Itself of Secret, Tax Dodging Accounts
Speaking of UBS...
UBS Coughing Up Names to U.S. Authorities 11/06/2008
Former UBS Exec Gets Six and a Half Years on Insider Trading Conviction
Banky Panky
Scrutiny on Tax Evasion Leads to Resignation of UBS Banking Exec
State of New York Files Suit Against UBS
Recapping Last Weeks Private Banking Congressional Hearings
UBS Stops Offshore Accounts for U.S. Citizens 7/17/2008
Names Emerge in U.S. Tax Evasion Probe, Informants Make Ready to Testify
Names Spill Forth in UBS Probe
More Banks Named in Muni Bid Rigging Probe
UBS Issues No Comment on Mortgage Investigation
Hedge Fund Manager Pleads Guilty to Insider Trading
HBS Sued on Hedge Fund Quid Pro Quo, Chief Exec Ousted
Time Magazine Says More Charges Coming in Insider Trading Probe
Some Folks Just Don't Want Their Bank Records Released to Uncle Sam
And they're willing to sue their bank (UBS) to prevent it. Given that the case was filed in Zurich disclosing the names of the plaintiffs would be a criminal offense. Man, rich people know all the angles.
How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...
-- MDT
How will this effect UBS's planned disclosures to the U.S. Justice Department of 50,000+ potential high-dollar tax cheats? We shall see...
-- MDT
Labels: tax evasion, tax havens, tax shelters, UBS
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UBS On the Clock to Release Names, Lots and Lots of Names
It seems any prelude to a settlement will come with massive disclosures on the part of embattled bank, UBS. In addition to more than a billion dollars in financial penalties, UBS will be obligated to fork over "scores" of names of those the bank helped dodge the taxman via it's cross border services.
This would be in addition to the 300 or so names that have already been confirmed for authorities and against whom individual tax cases are expected to be filed in short order. As per yesterday's post, some sort of very expensive settlement / deferred prospecution deal is expected for UBS - so long as the play ball. Not good news to their loyal, if ethically challenged, customers.
-- MDT
1/27/2009
This would be in addition to the 300 or so names that have already been confirmed for authorities and against whom individual tax cases are expected to be filed in short order. As per yesterday's post, some sort of very expensive settlement / deferred prospecution deal is expected for UBS - so long as the play ball. Not good news to their loyal, if ethically challenged, customers.
-- MDT
Labels: tax evasion, UBS
Settlement Talks Afoot for UBS
Estimates of the amount of money UBS helped to hide from the U.S taxman keeps going up and as investigators follow the money, the breadth of UBS's business they plan to examine has also widens. Given this potential black hole of doom for the bank, the always expected settlement talks are apparently well underway between UBS and the Justice department. No one is commenting on the record thus far, but a $1.2 billion settlement figure has been tossed around as just the thing to head off a potentially ugly felony indictment.
-- MDT
1/22/2009
-- MDT
Labels: Raoul Weil, tax evasion, UBS
Raul Weil Still a Fugitive
In case you were wondering...
Meanwhile, legal woes for UBS keep getting deeper.
-- MDT
1/12/2009
Meanwhile, legal woes for UBS keep getting deeper.
-- MDT
Labels: Fraud, Igor Olenicoff, Raoul Weil, tax evasion, UBS
UBS to Divest Itself of Secret, Tax Dodging Accounts
They'll be mailing some very large checks out in the near future, which could seriously complicate tax time for a number of the nation's well-to-do. For tips on how to handle it gracefully, see the New York Times.
-- MDT
11/13/2008
-- MDT
Labels: tax evasion, UBS
Speaking of UBS...
This is quite the significant indictment. Raoul Weil, come on down. Weil oversaw cross-border private banking for UBS from 2002 to 2007, overseeing a division that allegedly helped hide $20 billion from U.S. tax authorities.
-- MDT
11/12/2008
-- MDT
Labels: Raoul Weil, tax evasion, UBS
UBS Coughing Up Names to U.S. Authorities 11/06/2008
Former UBS Exec Gets Six and a Half Years on Insider Trading Conviction
Not the best week for Mitchel Guttenberg, who plead guilty back in February and is now facing a stout sentence of 6 and a half years for his role in a massive insider trading ring.
-- MDT
8/13/2008
-- MDT
Labels: insider trading, Mitchel Guttenberg, UBS
Banky Panky
Slate has my favorite article title of the week. Even if it is a short one, the title makes it worth mentioning.
-- MDT
8/05/2008
-- MDT
Labels: tax evasion, UBS
Scrutiny on Tax Evasion Leads to Resignation of UBS Banking Exec
UBS has announced the departure of David Aufhauser, their general counsel for the Americas. Aufhauser is currently being investigated by the New York Attorney General's office in conjuction with a broader probe of the financial markets.
-- MDT
7/25/2008
-- MDT
Labels: David Aufhauser, tax evasion, UBS
State of New York Files Suit Against UBS
With its tax evasion and auction rate securities woes, UBS is sure getting it hard at both ends these days. Details on the NY suit right here.
-- MDT
7/22/2008
-- MDT
Labels: auction rate securities, lawsuit, tax evasion, UBS
Recapping Last Weeks Private Banking Congressional Hearings
I was going to do it, but how could I do a more entertaining job than, say, The Nation?
-- MDT
7/20/2008
-- MDT
Labels: hearing, Heinrich Kieber, LGT, tax evasion, UBS
UBS Stops Offshore Accounts for U.S. Citizens 7/17/2008
Names Emerge in U.S. Tax Evasion Probe, Informants Make Ready to Testify
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:
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
7/07/2008
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.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.
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.
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
Names Spill Forth in UBS Probe
This would be a particularly poor time to be a wealthy bon vivant with creative accountant.
-- MDT
3/03/2008
-- MDT
Labels: tax havens, UBS
More Banks Named in Muni Bid Rigging Probe
Add UBS and JPMorgan Chase to the list of those under scrutiny.
-- MDT
2/04/2008
-- MDT
Labels: investigation, JPMorgan, municiple bonds, UBS
UBS Issues No Comment on Mortgage Investigation
Reportedly, the US Attorney in New York's Eastern District is investigating UBS to determine whether the bank misled investors by inflating the prices of its mortgage bonds. Just the latest firm to be targeted coming out of the sub-prime mess.
-- MDT
7/25/2007
-- MDT
Labels: Fraud, sub-prime mortgage, UBS
Hedge Fund Manager Pleads Guilty to Insider Trading
In the continued fallout from Wallstreet's insider trading scandal du jour, Mark Lenowitz, a former investment manager at Chelsey Capital and Q Capital Investment Partners admitted on Tuesday to trading on insider information he obtained from UBS analysts. Lenowitz plead guilty to one charge of conspiracy and one charge of securities fraud. Also among the thirteen (fourteen?) indicted are former employees of UBS, Banc of America, Bear Stearns, Morgan Stanley and several other firms. For the full line-up, click here. And for more on Mr. Lenowitz's guilty plea, try this Reuters article.
-- MDT
7/06/2007
-- MDT
Labels: Chelsey Capital, insider trading, Mark Lenowitz, Q Investment, UBS
HBS Sued on Hedge Fund Quid Pro Quo, Chief Exec Ousted
Swiss banking giant UBS is in hot water over its hedge fund hotelery. Recently sued for “dishonest and unethical” practices in dealings with hedge fund advisers by regulators in Massachusetts, UBS is facing intense scrutiny over the perks it provided to hedge fund managers.
UBS is accused of engaging in some righteous quid pro quo in an effort to keep managers' business and catch up to rivals Goldman Sachs and Morgan Stanley in the $8 billion dollar hedge fund brokerage fee sweepstakes. UBS had previously been forced to shut down its own in-house fund, Dillon Read Capital Management, after it suffered catastrophic losses in the sub prime mortgage industry.
In a surprise statement today, the UBS board announced that it is dumping its chief executive, Peter Wuffli. One has to imagine that the aforementioned travails had something to do with the board's lack of confidence in him.
-- MDT
3/08/2007
UBS is accused of engaging in some righteous quid pro quo in an effort to keep managers' business and catch up to rivals Goldman Sachs and Morgan Stanley in the $8 billion dollar hedge fund brokerage fee sweepstakes. UBS had previously been forced to shut down its own in-house fund, Dillon Read Capital Management, after it suffered catastrophic losses in the sub prime mortgage industry.
In a surprise statement today, the UBS board announced that it is dumping its chief executive, Peter Wuffli. One has to imagine that the aforementioned travails had something to do with the board's lack of confidence in him.
-- MDT
Labels: Dillon Read, hedge fund, sued, UBS
Time Magazine Says More Charges Coming in Insider Trading Probe
In a recent statement to Time Magazine, SEC spokesman Scott Friestad indicated that several more individuals would likely face charges as the SEC continues its investigation over the next few months. Friestad also offered this background on how the insider trading scam that has so far felled 14 individuals - some from major New York banking institutions (UBS, Banc of America, Bear Stearns, Morgan Stanley), came to light:
-- MDT
"The investigation began as routine probe of suspicious high-volume trading prior to the acquisition of Catellas Development," said Friestad. The probe led to Eric Franklin, a hedge fund manager for Q Capital Investment Partners, LP, a Delaware limited partnership with offices in Fort Lee, N.J. "We linked those trades to Mr. Franklin and obtained trading records for Q Capital, and Mr. Franklin's own records for his personal account, and noticed that what they had in common was Morgan Stanley as the investment banker. We also noticed that a lot of the trading preceded upgrades and downgrades issued by UBS [Union Bank of Switzerland] and then the whole scheme began to unravel."Read more on the insider trading investigation at Time Magazine. And for a run down of the 14 indicted so far, check out this Daily Caveat post from last week.
-- MDT
Labels: Andover Brokerage, Assent LLC, Banc of America, Bear Stearns, Catellas Development, Chelsea Capital, insider trading, Jasper Capital, Morgan Stanley, Q Capital, SEC, UBS
