US Prosecutors Charge UBS Client Of Fraud

US Prosecutors Charge UBS Client Of Fraud

http://online.wsj.com/article/SB123871662824884709.html

The list of American clients provided by the Swiss banking giant UBS is now being used by the US authorities to file charges against the alleged tax evaders. After being charged by the US authorities of helping US citizens in avoiding taxes, UBS had accepted that it had helped a number of its clients evade taxes by hiding their assets from the Internal Revenue Service (IRS). The Swiss bank had also agreed to pay $760 million to avoid prosecution besides providing a list of its US clients. The list is now proving useful and the US authorities have filed a case against Steven M. Rubinstein, an accountant in Boca Raton, Fla. for submitting a fake income tax return. We can expect many more such persons being charged in the near future.