Monday, April 12, 2010

Another UBS Client Bites the Dust

Today brings a new plea by a UBS client-- one Harry Abrahamsen.  This is going to be routine for the next few days, perhaps weeks, so I'll just summarize the key features of this particular plea:  (1) Plea to one FBAR failure to file count: (2) used an offshore entity to disguise his interest in the UBS account; (2) had at least two enablers -- a Swiss banker and a Swiss lawyer, named “UBS Swiss Banker 1” and “Swiss Lawyer 1”, respectively; (3) a family member, a daughter, was involved, but was not indicted although having an ownership interest; (4) the amounts deposited into the UBS accounts were "pre-tax" -- i.e., falsely deducted on U.S. income tax returns; and (5) must pay back income taxes and interest (articles do not address penalties on the income tax but presumably penalties will be required) and must pay FBAR penalty of 50% of the highest amount in the account.

On a side note, I did notice in the WSJ an article titled "UBS Forecasts Return to Profit."


New York Times

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