A high court in Paris ordered Switzerland's UBS to pay a €3.7 billion fine Wednesday for knowingly helping thousands of French clients to defraud their government out of billions of euros in taxes from 2004 to 2012, and laundering the proceeds. UBS swiftly announced plans to appeal the judgment, which comes nearly six years after French authorities opened an investigation into whether the Swiss bank reached out to wealthy French to open secret accounts and arranged to physically transport cash across France's border to make deposits in Switzerland. During the trial, the Parquet National Financier, or PNF, accused UBS of...
It is an exciting time for IRS investigators who are now able to examine the UBS AG accounts of over 4,500 U.S. citizens suspected of hiding assets offshore, according to John Everett, a licensed criminal investigator and certified fraud examiner based in Agoura Hills, California.
Not long ago, U.S. settlements in the hundreds of millions of dollars for violations of American law by a foreign bank seemed unlikely, if not out of the realm of possibility altogether. Then came the $780 million deferred prosecution agreement with UBS AG in 2009.
Former UBS AG employee Stephanie Gibaud in 2008 was faced with the choice of whether to comply with her employer's request that she destroy records potentially indicating that the bank had courted tax-evading clients. When she refused, the bank psychologically bullied her until she departed in 2012.