UBS Will Pay $780 Million to Settle U.S. Claims on Tax Cases

Discussion in 'Economics' started by ASusilovic, Feb 18, 2009.

  1. UBS AG, Switzerland’s largest bank, will pay $780 million to avoid U.S. prosecution and settle regulatory claims that it helped thousands of wealthy Americans use Swiss bank accounts to avoid paying taxes.

    UBS agreed to resolve claims by the U.S. Justice Department that the bank helped U.S. citizens hide accounts from the Internal Revenue Service, the U.S. government said in statements released today. Prosecutors won’t pursue criminal charges if UBS makes promised reforms while paying $400 million in tax-related payments. The bank must also disgorge $380 million under accords with prosecutors and the Securities and Exchange Commission.

    UBS should undergo every POSSIBLE way to pursue the INCOMPETENCE of SEC with regards to the MADOFF case.
    Outrageous fine !