Gadola was sentenced today and received the barest slap on the wrist. The sentencing minutes are here. No jail time, 5 years probation. The Sealed Government's Motion for Downward Departure was granted. Sweet
Of course, Gadola had to sing for these benefits. His U.S. clients should be concerned, but those U.S. clients, if well advised, should have entered the program when he was first snagged and before he started to talk.
Perhaps Gadola's example could encourage other enablers to come forward with hopes of similar treatment or no indictment at all. Kind of like a sub rosa voluntary disclosure program for enablers.
Articles:
Ex-UBS banker gets 5 years’ probation because of assistance in US tax evasion probes (AP 11/18/1), here, which says in part:
Prosecutors suggested a sentence of five months behind bars, but they also did not oppose the probation term that was handed down.
“He went through client by client, colleague by colleague,” said Mark Daly, a trial attorney with the U.S. Justice Department’s tax division. “It has been extremely helpful.”
Wow! Quite a different outcome than that of Bradley Birkenfeld who served up the UBS saga on a platter.
ReplyDeleteAnon123
Would Gadola be subject to criminal penalties in Switzerland for revealing client data ? Of course, UBS clients were likely outed already, and there is probably no penalty for outing other advisors.
ReplyDeleteAnother important point that has been overlooked:
ReplyDeleteIt was Bradley Birkenfeld, the UBS whistleblower, who voluntarily provided Renzo Gadola's name to the Justice Department several years ago (just as he had done with regard to Marco Adami, the Credit Suisse banker who was indicted earlier this year).