UNITED STATES
Bloomberg Tax, March 21, 2025
Ex-UBS CEO to Pay $4.9 Million for Not Reporting Swiss Accounts
Former UBS North America CEO Markus Rohrbasser agreed on Friday to pay more than $4.9 million to the IRS for failure to report his interest in foreign bank accounts over an 11-year span. Read the full article
UNITED STATES
swissinfo.ch, March 19, 2025
UBS Client Says His Wife Moved In With Their Wealth Adviser. It Got Messy
When Richard Kallman’s 26-year marriage failed, he arrived at a meeting to hash out the separation, expecting to see his wife and her lawyer. But instead, the couple’s new wealth manager from UBS Group AG showed up and demanded Kallman fork over $9 million. Read the full article
FRANCE
swissinfo.ch, March 10, 2025
UBS fined in France for harassing whistleblowers
UBS Europe, which absorbed the French branch, was also ordered to pay €50,000 in damages to Nicolas Forissier, the former head of internal auditing. Read the full article
WORLDWIDE
finews.asia, February 20, 2025
UBS and Legal Challenges: A Cloud of Uncertainty
UBS is embroiled in multiple high-stakes legal battles worldwide, primarily linked to its Wealth Management division and the takeover of Credit Suisse. These cases, spanning from historical tax evasion allegations to client disputes, significantly impact the bank’s financial exposure. Read the full article
SWITZERLAND
The Wall Street Journal, January 4, 2025
Nazi Ties to Credit Suisse Ran Deeper Than Was Known, Hidden Files Reveal
Switzerland thought it came to terms with its Nazi-assisting past after harrowing probes in the 1990s led its two largest banks to pay more than $1 billion restitution to Holocaust victims. Documents unearthed in bank archives show it might have been at least in part a whitewash. Read the full article
FRANCE
SWI swissinfo.ch, December 4, 2024
UBS Stunned by Mafia Analogy at Whistleblower Pressure Trial
A representative of UBS Group AG said he was “stunned” that witnesses referred to the bank as a mafia-like organization as the French branch stands accused in Paris of harassing its former whistleblowing staffer. Read the full article
FRANCE
Paris Match, November 29, 2024
UBS : Ils ont stoppé la grande évasion
Malgré son gabarit de colosse, rien ne prédisposait Bradley Birkenfeld à faire sauter la banque. Avec le Français Nicolas Forissier, comme lui ancien cadre d’UBS, l’Américain a pourtant tenu un rôle crucial dans la révélation de la plus grande fraude fiscale de l’Histoire – avec, à la clé, un joli magot. Read the full article
UNITED STATES
finews.com, October 14, 2024
UBS Faces Trouble Over Business with U.S. Pension Funds
According to media reports, a group of tax activists is seeking to block UBS from continuing its business with U.S. pension funds. The bank is currently trying to extend an existing exemption but legacy issues from Credit Suisse could further complicate the situation. Read the full article
BAHAMAS
Inside Paradeplatz, August 10, 2024
Scam in the Carribean
Documents from a Bahamas lawsuit show that UBS refused to send clients SEC-required confirmations of trades made into the U.S. market. The clients believe the trades were not executed, that UBS created internal trading records and stole their money. Read the full article
UNITED STATES
CNBC, March 26, 2024
Ex-UBS broker sentenced in fraudulent Puerto Rico bond sales scheme
A former top broker in Puerto Rico for the Swiss banking giant UBS was sentenced to a year and a day in prison Tuesday, months after he pleaded guilty to criminal bank fraud for pocketing $1 million in commissions in a scheme that saw many investors lose their life savings. Read the full article
UNITED STATES
Reuters, February 8, 2024
US Supreme Court in UBS case makes it easier for whistleblowers to win suits
The U.S. Supreme Court on Thursday made it easier for whistleblowers to win lawsuits accusing companies of unlawfully firing them as retaliation for disclosing wrongdoing, rejecting a bid by Switzerland’s UBS Group (UBSG.S), opens new tab to impose a higher bar. Read the full article
UNITED STATES
CovertAction Magazine, November 22, 2023
Corruption of U.S. Justice Department and the Two-Tiered Justice System: The Case of Whistleblower Bradley Birkenfeld
Bradley Birkenfeld is a former Swiss banker who helped the Internal Revenue Service (IRS) recoup billions of dollars in tax revenues after exposing the largest tax fraud in U.S. history. Read the full article
FRANCE
Financial Times, November 15, 2023
UBS fails to overturn guilty verdict in French tax evasion case, Read the article (paywall)
SWITZERLAND
The Guardian, Nov 7, 2023
UBS reports $785m loss due to costs of Credit Suisse integration
UBS has reported a $785m (£637m) quarterly loss, its first in nearly six years, as the Swiss banking group counted the costs of rescuing its rival Credit Suisse earlier this year. Read the full article
UNITED STATES
CNBC, August 14, 2023
UBS to pay $1.4 billion over fraud in residential mortgage-backed securities
Swiss bank UBS agreed to pay a combined $1.4 billion in civil penalties over fraud and misconduct in its offering of residential mortgage-backed securities dating back to the global financial crisis, federal prosecutors announced Monday. Read the full article
UNITED STATES
The Associated Press, July 24, 2023
UBS fined nearly $400 million related to Credit Suisse’s relationship with failed fund Archegos
Swiss banking giant UBS will pay nearly $400 million in fines to U.S., Swiss and U.K. banking authorities for the management failures of Credit Suisse, which UBS bought in June, related to how Credit Suisse handled its relationship with collapsed hedge fund Archegos Capital Management. Read the full article
PUERTO RICO
The San Juan Daily Star, July 18, 2023
UBS seeks removal of tax evasion allegations to federal court
Asian investors have joined a series of landmark international lawsuits being filed against the Swiss government over its handling of the takeover of troubled bank Credit Suisse. Read the full article
ASIA
BBC, May 4, 2023
Credit Suisse: Asia investors sue Switzerland over bank collapse
Asian investors have joined a series of landmark international lawsuits being filed against the Swiss government over its handling of the takeover of troubled bank Credit Suisse. Read the full article
SWITZERLAND
Bloomberg, May 3, 2023
UBS Inherits Legacy of Legal Headaches From Credit Suisse
When UBS Group AG integrates Credit Suisse Group AG in the coming months, the Swiss bank plans to run staff from the scandal-prone former rival through what Chairman Colm Kelleher dubbed a “culture filter” to weed out potential bad apples. Read the full article
UNITED STATES
Reuters, May 1, 2023
U.S. Supreme Court to examine whistleblower claims against financial firms in UBS case
The U.S. Supreme Court on Monday agreed to examine how difficult it should be for financial whistleblowers to win retaliation lawsuits against their employers as the justices took up a long-running case involving Switzerland’s UBS Group AG. Read the full article
SWITZERLAND
Bloomberg, March 6, 2023
UBS Cuts Bonuses 10% After Deal Slump; CEO Ralph Hamers Salary Gets Boost
UBS Group AG raised Chief Executive Officer Ralph Hamers’ compensation for last year by 11%, making him one of Europe’s best-paid bank bosses, even as bonuses for the rest of the firm were cut in a challenging period for dealmaking. Read the full article
SWITZERLAND
Switzerland Times, January 30, 2023
Oligarch Abramovich stashed 700 million at UBS
Roman Abramovich’s money was still welcome at UBS until the outbreak of war. Fedpol came to a different verdict in 2018: it spoke out against a residence permit for the oligarch in Switzerland. Read the full article
GERMANY
SWI swissinfo.ch, November 8, 2022
UBS raided in money-laundering probe of Russian
Police have searched two branches of Swiss bank UBS in Germany in connection with alleged money laundering by a Russian businessman, according to German officials and media. Read the full article
UNITED STATES
U.S. Securities and Exchange Commission, June 29, 2022
UBS to Pay $25 Million to Settle SEC Fraud Charges Involving Complex Options Trading Strategy
The Securities and Exchange Commission today announced that UBS Financial Services Inc. has agreed to pay approximately $25 million to settle fraud charges relating to a complex investment strategy referred to as YES, or Yield Enhancement Strategy. Read the full article
FRANCE
SWI swissinfo.ch, June 28, 2022
Ex-UBS Staffer Wants Payday for Exposing Swiss Billions
An ex-UBS Group AG employee turned whistle-blower may be getting closer to forcing reluctant French authorities to compensate her for helping them uncover about 9.6 billion euros ($10.2 billion) that taxpayers stashed away in Swiss bank accounts. Read the full article
EUROPE
HEC Paris, May 20, 2022
Whistleblower Urges Academics to Support European Anti-fraud Network
Bradley Birkenfeld’s visit to HEC Paris’ campus could not have been timelier. As the war in Ukraine raged, western governments sought to impose unprecedented economic sanctions on Russia and confiscate the fortunes of some of its richest citizens – often hidden in the West’s financial institutions. “The role of whistleblowers as central players in the enforcement of [sanctions] is taking on fresh urgency,” stated Politico. Read the full article
SWITZERLAND
The Guardian, May 2, 2022
Swiss consider amending banking secrecy laws amid UN pressure
Swiss politicians will debate the future of the country’s controversial banking secrecy law this week, as it faces pressure from UN officials to scrap rules under which whistleblowers and journalists who report on potential wrongdoing can be prosecuted. Read the full article
UNITED STATES
Law360, March 15, 2022
Several senior Democrats said there were good prospects for advancing a bipartisan plan to expand the tax whistleblower program as lawmakers hunt for ways to ramp up pressure on Russia and President Vladimir Putin to end the war in Ukraine. Read the full article
UNITED KINGDOM
Politico, March 7, 2022
As sanctions ratchet up pressure on Moscow, the role of whistleblowers as central players in their enforcement is taking on fresh urgency. Read the full article
SWITZERLAND
Financial Times, February 21, 2022
Swiss banks’ struggles to move on from murky past hit by documents leak
Switzerland’s attempts at shedding its long-held reputation as the global banking centre of choice for oligarchs, corrupt government officials and drug smugglers has been dealt a blow by the leak of documents detailing the accounts of 30,000 Credit Suisse clients. Read the full article
SWITZERLAND
The Guardian, February 21, 2022
Crooks, kleptocrats and crises: a timeline of Credit Suisse scandals
The revelations that Credit Suisse has been used by crooks, money launderers and corrupt politicians are a public relations crisis for the banking giant. Read the full article
UNITED STATES
OpenSecrets, October 8, 2021
Pandora Papers reveal offshore finances of the global elite currying influence in U.S.
A trove of 11.9 million records released last week exposed the offshore financial secrets of hundreds of politicians, billionaires, celebrities, royal family members and other wealthy individuals in more than 200 countries and territories across the globe. Read the full article
UNITED KINGDOM
ZeroHedge, September 22, 2021
UBS Trader Sues Bank, Claims “Toxic Environment” Destroyed His Mental Health
Sympathy for the junior bankers who have been overworked to the bone waned a bit yesterday when it was revealed that the leader of the original uprising of Goldman junior bankers was the son of a vice chairman at TPG, the private equity giant and longtime Goldman client. Read the full article
LEBANON
Inside Paradeplatz, July 8, 2021
UBS closes Beirut office: because of Big Scandal?
Switzerland and France are investigating a major embezzlement case involving money laundering against Lebanon’s central bank chief and his brother. The Federal Prosecutor’s Office has opened proceedings and is demanding legal assistance. Read the full article
FRANCE
Reuters, June 28, 2021
French court rejects constitutional challenge by UBS in tax case
A French court on Monday rejected a challenge filed by Swiss bank UBS (UBSG.S) linked to constitutional aspects of its French tax case, confirming that judges would rule on the lender’s appeal against a 4.5 billion euro ($5.36 billion) fine on Sept. 27. Read the full article
EUROPEAN UNION
Bloomberg, May 20, 2021
UBS, Nomura Hit Hardest as EU Fines Crisis-Era Bond Cartel
UBS Group AG and Nomura Holdings Inc. and UniCredit SpA were fined a total of 371 million euros ($452 million) by the European Union for colluding on euro government bond trading during the region’s sovereign debt crisis. Read the full article
SWITZERLAND
Reuters, May 14, 2021
Swiss Life to pay $77.4 million to settle U.S. criminal tax evasion case
Swiss Life Holding AG agreed to pay $77.4 million and enter a deferred prosecution agreement to resolve a U.S. criminal case in which Switzerland’s largest insurer was accused of helping wealthy American clients evade taxes. Read the full article
SWITZERLAND
Blick, April 7, 2021
“When does the Swiss taxpayer have enough?”
Bradley Birkenfeld (56) started the tax dispute between Switzerland and the USA. The then UBS banker in Geneva was an ambivalent key figure in the dispute between the US judiciary and the big bank: the US Department of Justice needed his information to show how UBS helped American customers hide money from the tax authorities. Read the full article
SWITZERLAND
NZZ, April 7, 2021
Whistleblower Bradley Birkenfeld attacks UBS
The ex-UBS banker and whistleblower Bradley Birkenfeld attacks his former employer in a full-page advertisement in the “Tamedia” newspapers, one day before the UBS general meeting. He wrote a letter to UBS shareholders, clients and employees as well as to Swiss taxpayers. Read the full article
SWITZERLAND
Geneva Lunch, April 4, 2021
How Anonymous Bank Accounts Changed The Banking Laws
The ultra-rich, powerful, and the echelons of this world, for years, have used anonymous bank accounts for all sorts of transactions. Whether it be for availing complete privacy or to evade taxes, anonymous bank accounts are completely legal. You may be thinking that these sorts of accounts are used by the corrupt, however, some people wish to maintain the privacy or to tackle some legal issues eliminating the notion that these accounts are used for illegal activities. Read the full article
UNITED STATES
The Atlantic, February 10, 2021
A Million-Dollar Pardon Offer at the Trump Hotel
Soon after the November election, a business colleague of Donald Trump’s close ally Corey Lewandowski offered a whistleblower and convicted ex-banker an expensive deal: In exchange for a $300,000 fee up front—plus another $1 million if successful—the two men would push the then-president for a pardon, according to the ex-banker and an associate who heard the pitch. Read the full article
UNITED STATES
Townhall, December 10, 2020
When Whistleblowers Are Treated Like Criminals
As a writer, I get a lot of pitches and stories sent to me. Somehow or another, writers end up on email lists for any number of candidates, fundraisers, causes, activist groups, etc. All those press releases and pitches can clutter up your inbox pretty quickly. Read the full article
UNITED STATES
Gateway Pundit, December 8, 2020
WAYNE ROOT: Mr. President, Here are Two Great American Heroes to Pardon
Mr. President, presidential pardons are reserved for great Americans who made a mistake and have paid their dues to society. Here are two great patriots who fit the bill perfectly. Read the full article
UNITED STATES
Communities Digital News, December 7, 2020
Crimes of political elites: How Biden, Democrats smash Americans’ trust
Russian-American writer and philosopher Ayn Rand (Atlas Shrugged, The Fountainhead) says “The only power any government has is to crack down on criminals.” However, it seems the government has chosen to ignore Election 2020 and what surely looks to be crime, fraud, and graft. Read the full article
SWITZERLAND
New York Post, November 11, 2020
Swiss to ban deducting bribes from taxes starting in 2022
Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022. Read the full article
UNITED STATES
The Epoch Times, November 2, 2020
THE EPOCH TIMES
Obama Administration Covered Up Tax Evasion Scandal
Bradley Birkenfeld, a former manager at Switzerland’s second-largest bank and one of the biggest whistleblowers in U.S. history, said he believes there was a special interest coverup by key officials within the Obama administration. Read the full article
GERMANY
Nasdaq, September 25, 2020
Nasdaq
Julius Baer ordered to pay 150 mln Sfr over vanished East German cash
Swiss private bank Julius Baer BAER.Scould seek to recoup 150 million Swiss francs ($162 million) from UBS UBSG.S after it was ordered on Friday to repay the German government over millions in East German cash that vanished after the fall of the Berlin Wall. Read the full article
UNITED STATES
Tax Notes, May 4, 2020
Birkenfeld Could Nab Bigger Slice of Collected Proceeds
UBS whistleblower Bradley Birkenfeld could be getting more money from the IRS now that the Tax Court has sent his case back to the agency to reconsider his award under the expanded definition of collected proceeds. Read the full article
UNITED STATES
Full Measure, May 3, 2020
Unfinished Business: The Whistleblower
Now we’re going to catch up with a man who may be one of the world’s most intriguing whistleblowers, he’s definitely one of the richest. He’s Brad Birkenfeld, the one-time Swiss banker who turned evidence against U.S. tax evaders only to find the U.S. Justice Department targeting him. Today, his Unfinished business. Watch the interview
ITALY
Reuters, January 30, 2020
UBS Europe probed in Italy in asset manager fraud investigation: sources
Italian prosecutors have investigated UBS Europe for possible money laundering and obstructing the work of regulators as part of a fraud inquiry into small asset manager Sofia SGR, two sources with direct knowledge of the matter said. Read the full article
UNITED STATES
Reuters, December 10, 2019
UBS must defend against U.S. lawsuit over ‘catastrophic’ mortgage losses
SA federal judge on Tuesday rejected UBS Group AG’s bid to dismiss a U.S. government lawsuit accusing Switzerland’s largest bank of causing “catastrophic” investor losses in residential mortgage-backed securities sold before the 2008 financial crisis. Read the full article
SWITZERLAND
Reuters, December 4, 2019
Swiss court outlines rules for helping countries chase tax cheats
Switzerland’s highest court spelled out the steps foreign authorities must take if they want legal assistance in chasing tax cheats as it released the written verdict on why it made UBS Group in July share client data with France. Read the full article
SINGAPORE
The New York Times, November 14, 2019
Singapore Fines UBS $8 Million Over Deceptive Bond Trades
Singapore said on Thursday it had fined UBS S$11.2 million ($8 million) after investigations showed the Swiss bank deceived wealthy clients over prices for bonds and structured products.
Read the full article
HONG KONG
Reuters, November 11, 2019
UBS fined $51 million by Hong Kong regulator for overcharging clients
Swiss bank UBS was fined HK$400 million ($51.09 million) by Hong Kong’s securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday. Read the full article
UNITED STATES
The Boston Globe, October 28, 2019
Arbitrator awards $1.6m to ex-UBS financial adviser for gender discrimination
A Boston financial adviser was awarded $1.63 million by an arbitrator for gender discrimination and retaliation at UBS Financial Services Inc. her lawyer announced Monday. Read the full article
HONG KONG, SINGAPORE
Reuters, October 22, 2019
UBS, authorities eye client overcharges in Singapore and Hong Kong
UBS is working with relevant authorities to address inappropriate spreads it may have charged wealthy clients whose money was booked in Hong Kong and Singapore in debt securities transactions, it said in its third-quarter report on Tuesday. Read the full article
ITALY
Nasdaq, October 17, 2019
Nasdaq
UBS pays more than 10 mln euros to settle Italy money-laundering probe
An Italian judge has accepted a request by UBS UBSG.S to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe. Read the full article
UNITED STATES
Forbes, October 5, 2019
Secret Banking Secrecy Became Extinct One Year Ago Today
Villains in thriller plots often take the form of a Swiss banker. A tidy and trustworthy figure who asks few questions he channels foreign funds into some centuries-old vault. Read the full article
SWITZERLAND
finews.com, October 4, 2019
Swiss Banking’s Biggest Blow-Ups
Credit Suisse’s spy scandal isn’t the first time Swiss bankers have hit the headlines for behaving badly. finews.com looks back at the ten biggest fiascos in the Swiss industry’s recent history. Read the full article
PAPUA NEW GUINEA
Reuters, September 2, 2019
Papua New Guinea to investigate terms of UBS loan
Papua New Guinea will start preliminary hearings on Sept. 19 into the terms of a A$1.2 billion ($810.5 million) loan from Swiss bank UBS used for an ill-fated government investment in the gas sector, the inquiry’s chairman said on Monday. Read the full article
UNITED STATES
Bloomberg, August 24, 2019
UBS Group AG and Merrill Lynch Are Being Investigated for Sales of Unsuitable Investments
Federman & Sherwood has initiated an investigation of UBS Group AG and Merrill Lynch. UBS Group AG sold a very complex investment strategy called Yield Enhancement Strategy (YES). Merrill Lynch sold a similar product called the Collateral Yield Enhancement Strategy (CYES). Read the full article
ITALY
Euronews, August 7, 2019
Italian tax authorities ask for information on UBS clients
Italy’s tax authorities have made a request to their Swiss counterparts for information about possible tax evasion by UBS clients, Swiss newspaper Tages-Anzeiger reported on Wednesday. Read the full article
FRANCE
Swissinfo, July 26, 2019
Federal Court approves UBS data transfer to France
The Swiss Federal Court has decided that data on around 40,000 clients of Swiss bank UBS should be handed to Paris tax authorities. The decision has been described as key for the country’s banking sector. Read the full article
CHINA
Reuters, June 21, 2019
Former UBS China banker given nine years in prison for insider trade
A former UBS banker in China has been sentenced to nine years in prison by a Shanghai court for disclosing inside information related to an acquisition deal in 2017, court documents show and sources with knowledge of the case said. Read the full article
ITALY
Reuters, June 7, 2019
UBS switches stance with plan to offer $113 million tax settlement in Italy
UBS looks set to agree a 100 million euro ($113 million) settlement of a money laundering and tax case in Italy within the next few weeks, according to people familiar with the matter, in contrast to a similar case in France. Read the full article
SWITZERLAND
CNBC, May 15, 2019
Barclays analysts call for UBS strategy overhaul, suggest break up of Swiss bank
Barclays analysts have questioned the ability of UBS to achieve satisfactory returns, suggesting market expectations of the Swiss investment bank are too high. Read the full article
UNITED STATES
CCN, May 10, 2019
Limousine Liberal Kevin Costner Sued for Hiding $20 Million in Secret Bank Account
Actor Kevin Costner, a limousine liberal who pays lip service to helping the poor, is accused of tax evasion and holding at least $20 million in a secret offshore UBS bank account. Read the full article
UNITED STATES
Law & Crime, May 9, 2019
LAW & CRIME
‘World-Renowned’ Whistleblower Sues Kevin Costner, Estée Lauder Billionaire for Alleged Fraud
A “world-renowned whistleblower” and author is suing Academy Award-winning American actor and director Kevin Costner and Estée Lauder chairman emeritus Leonard Lauder for alleged fraud, negligent misrepresentation and “intentional interference with advantageous or business relationship.” Read the full article
UNITED STATES
The Wall Street Journal, May 9, 2019
Whistleblower Alleges Actor, Cosmetics-Empire Heir Evaded Taxes
A convicted banker who collected the largest-ever whistleblower payout for reporting tax cheats accused actor Kevin Costner and an heir to the Estée Lauder cosmetics empire of tax evasion. Read the full article
GERMANY
The New York Times, May 7, 2019
German Prosecutors Aim to Fine UBS Over Alleged Help in Client Tax Evasion
German prosecutors in the city of Mannheim said they were seeking to fine the German unit of Swiss bank UBS about 83 million euros (71 million pounds) for helping clients to evade taxes. Read the full article
UNITED STATES
WealthManagement.com, May 7, 2019
UBS Clients Burned by Iron Condor Strategy
Some clients in the ‘yield enhancement strategy’ say they suffered losses greater than 20% in an investment they were told was ‘conservative’ and ‘low risk.’ Read the full article
SWITZERLAND
Reuters, May 2, 2019
Shareholders snub UBS leadership over French tax conviction
UBS Group shareholders refused on Thursday to endorse the performance of the Swiss bank’s leadership last year in a rare rebuke sparked by a French conviction for helping wealthy clients evade taxes. Read the full article
SWITZERLAND
Bloomberg, April 30, 2019
UBS Tells Some Managers They Can Hire One for Five Who Go
UBS Group AG is telling executives in its large wealth management business to be more selective when hiring bankers as it seeks to cut costs following a challenging first quarter, according to people familiar with the matter. Read the full article
SWITZERLAND
Reuters, April 15, 2019
Shareholder adviser ISS opposes free pass for UBS bosses after tax ruling
UBS shareholders should oppose discharging the board and top management of Switzerland’s biggest bank from liability after a guilty verdict in a French tax evasion case, proxy adviser Institutional Shareholder Services (ISS) said. Read the full article
SWITZERLAND
Ethos, April 12, 2019
ethos
UBS AGM: ETHOS RECOMMENDS TO OPPOSE ALL REMUNERATION PROPOSALS
At the annual general meeting of UBS to be held on 2 May 2019, Ethos recommends to oppose all proposals related to the remuneration of the board of directors and the executive management. Ethos considers that the CHF 73.3 million requested for the 2018 bonus of the 13 members of the executive management is excessive in light of the bad performance of the bank’s share price in 2018. Read the full article
SWITZERLAND
The New York Times, April 9, 2019
Shareholder adviser Glass Lewis opposes UBS compensation report
Shareholders of Swiss bank UBS Group should oppose its compensation report for 2018, proxy adviser Glass Lewis said, citing “pay-for-performance concern”. Read the full article
SWITZERLAND
Euronews, April 8, 2019
Head of UBS Europe unit to leave amid ‘turf war’ talk
The head of UBS Europe SE, Thomas Rodermann, will leave the bank when his contract expires at the end of November, UBS Group said on Monday. Read the full article
SWITZERLAND
Reuters, April 5, 2019
MOVES-UBS global debt head Hoveyda leaving firm
Amir Hoveyda, global head of debt capital markets and client solutions at UBS, is leaving the firm, according to a source. Read the full article
UNITED KINGDOM
Bloomberg, March 19, 2019
UBS Fined $37 Million by U.K. for Decade of Reporting Errors
UBS Group AG was fined a record 28 million pounds ($37 million) by a U.K. regulator for failings related to 136 million transaction reports between 2007 and 2017. Read the full article
FRANCE
Bloomberg, March 18, 2019
UBS’s French Tax Woes Could Worsen
UBS Group AG thought it had seen the worst of its French tax scandal when the lender was slapped with a record $5 billion penalty in Paris last month. A looming Swiss Supreme Court ruling could add to its woes. Read the full article
SWITZERLAND
Reuters, March 15, 2019
Deja vu: UBS tax case dredges up Swiss bank nightmares
A Swiss court will decide within weeks whether UBS must hand over historical client data to French tax authorities, a ruling that could open the door to fresh financial claims against Switzerland’s banks. Read the full article
FRANCE
Euronews, March 15, 2019
UBS sets aside 450 million euros for French tax case
Switzerland’s biggest bank, UBS, on Friday reported a nearly $400 million boost to its litigation provisions after a French court slapped it with a 4.5 billion euro (£3.8 billion) penalty last month. Read the full article
UNITED KIGNDOM
Channel NewsAsia, March 15, 2019
Junior trader files harassment, discrimination lawsuit against UBS
A former junior trader who accused UBS of mishandling a complaint of rape and sexual assault by senior colleagues against her has filed a claim in the UK for damages against the Swiss lender, legal documents seen by Reuters show. Read the full article
HONG KONG
Reuters, March 14, 2019
HK suspends UBS sponsor license, fines it and others $100 million for IPO failures
Hong Kong’s securities regulator banned UBS from leading initial public offerings (IPOs) in the city for a year, while fining it and rivals including Morgan Stanley a combined $100 million for due diligence failures on a series of IPOs. Read the full article
ITALY
Swissinfo, March 6, 2019
Swiss Banks an Italian Target After Record UBS French Fine
Italian financial police are demanding Swiss lenders disclose the names of bankers working in Italy, setting up a potential clash with regulators after UBS Group AG was hit with a record fine by French authorities. Read the full article
SWITZERLAND
Le Temps, March 2019
Dix Ans Sans Secret Bancaire
Le 13 mars 2009, lorsque Hans-Rudolf Merz annonce la fin du secret bancaire, les prévisions sont très pessimistes pour la place financière, qui perd un puissant avantage concurrentiel. Dix ans plus tard, le paysage bancaire suisse est profondément remodelé, sans s’être écroulé. Read the full article
FRANCE
BoingBoing, February 24, 2019
France fines UBS €3.7b for helping rich French residents launder more than €10b
Swiss banking giant UBS has been hit with the largest fine in French history: €3.7b, the result of a 7-year investigation of the bank’s role in helping the wealthiest French citizens hide €10b from tax authorities. The fine is more than ten times larger than the next-largest fine in French history, when HSBC paid €300m over its wrongdoing. The fine represents 92% of the bank’s 2018 profits. Read the full article
FRANCE
Swissinfo, February 21, 2019
Has UBS’s CHF5 billion legal gamble backfired?
UBS is refusing to sit back and lick its wounds after being hit with financial penalties totaling €4.5 billion (CHF5.1 billion) in France. By appealing the decision, has it bitten off more than it can chew? Or can it claw back lost ground in the high stakes duel with French authorities? Read the full article
FRANCE
MarketWatch, February 20, 2019
UBS ordered to pay $5.1 billion fine for helping wealthy French clients evade tax authorities
A French court ordered Switzerland’s largest bank, UBS to pay 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities, sending a stern warning to tax dodgers and the banks that aid them. Read the full article
SWITZERLAND
Bloomberg, January 22, 2019
UBS’s Crown Jewels Lose Their Sparkle
Overseeing money for the rich is supposed to be one of the best businesses in banking, but even the world’s biggest wealth manager is finding that it doesn’t always work out like that. Read the full article
SWITZERLAND
Reuters, January 21, 2019
Ex-Swiss banker convicted for selling secret tax data to Germany
A former UBS (UBSG.S) banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday. Read the full article
UNITED STATES
Financial Post, December 21, 2018
UBS to pay US states $68M in rate manipulation settlement
Swiss bank UBS has agreed to pay $68 million to settle a multistate investigation into the bank’s role in manipulating an interest rate used to price everything from credit cards to mortgages, officials said Friday. Read the full article
UNITED STATES
InvestmentNews, December 17, 2018
UBS hit with $15 million in fines, penalties for AML problems
Securities and banking regulators are continuing to focus on anti-money laundering procedures and policies at firms of all stripes, announcing on Monday that UBS Financial Services Inc., home to more than 6,900 financial advisers, has been fined $14.5 million for failing to run AML programs reasonably designed to monitor high-risk transactions in customer accounts. Read the full article
UNITED STATES
The Epoch Times, December 5, 2018
THE EPOCH TIMES
Clinton Foundation ‘Pay to Play’ Model Under Investigation
The Clinton Foundation has raised more than $2 billion since its inception in 1997, and Bill and Hillary Clinton have been paid more than $150 million for delivering speeches. Notably, these payments increased dramatically after Hillary Clinton took office as secretary of state in 2009. Read the full article
AUSTRALIA
Euronews, November 20, 2018
Regulator says UBS Securities Australia Ltd fined for improper buy-backs
UBS Group AG’s Australian unit was fined A$120,000 ($87,552) after the Markets Disciplinary Panel found that certain buy-backs were not in the ordinary course of trading, the Australian corporate watchdog said on Tuesday. Read the full article
FRANCE
Reuters, November 15, 2018
French court to rule on $6 billion UBS trial on February 20
A French court said on Thursday it would hand down a verdict in the money laundering trial of UBS (UBSG.S) on Feb. 20, at the end of weeks of hearings during which the Swiss bank faced allegations of helping wealthy French people evade taxes. Read the full article
UNITED STATES
Barron’s, November 9, 2018
A Financial Crisis Cloud Still Hovers Over UBS
The Justice Department has sued UBS Group, accusing the Swiss bank of misleading buyers of residential mortgage-backed securities, or RMBS, a decade ago. Read the full article
UNITED STATES
Reuters, November 8, 2018
U.S. sues UBS, alleges crisis-era mortgage securities fraud
The U.S. government on Thursday filed a civil fraud lawsuit accusing UBS Group AG, Switzerland’s largest bank, of defrauding investors in its sale of residential mortgage-backed securities leading up to the 2008-09 global financial crisis. Read the full article
FRANCE
Swissinfo, November 8, 2018
French prosecutors demand 3.7 billion euro fine for UBS
French prosecutors demanded on Thursday that UBS pay a fine of 3.7 billion euros (CHF 4.2 million) in the Paris trial of the largest Swiss bank. Read the full article
FRANCE
Bloomberg, October 25, 2018
JPMorgan Hack Justifies Secret Accounts, Ex-UBS Banker Says
A former UBS Group AG banker told a Paris court that a cyber attack on Wall Street and Russian meddling in the 2016 U.S. elections show the benefits of a UBS service that allowed clients to conceal their identity via numbered Swiss accounts. Read the full article
CHINA
South China Morning Post, October 23, 2018
South China Morning Post
Questioning of UBS banker comes at delicate time for financial firms in China
For foreign banks and asset managers, mainland China represents an attractive market for potential future growth, as the country’s population becomes increasingly affluent. Read the full article
UNITED STATES
On Wall Street, October 22, 2018
UBS loses $19M arbitration case over Puerto Rico bonds
A FINRA arbitration panel ordered UBS to pay a client nearly $19 million in the latest case stemming from the performance of the firm’s closed-end funds of Puerto Rican muni bonds. Read the full article
CHINA
Bloomberg, October 19, 2018
UBS Is Curbing Some China Travel After Banker Detained
Two large global wealth managers have imposed restrictions on staff travel to China after a UBS Group AG employee was detained, underlining the challenges of capturing business in a country where fortunes are growing the fastest on the planet. Read the full article
UNITED KINGDOM
Reuters, October 12, 2018
UBS investigates second sexual assault claim by ex junior trader-sources
UBS is investigating a second accusation of sexual assault made by a former junior trader who said the Swiss bank had failed to deal appropriately with a previous, separate rape allegation, two sources told Reuters. Read the full article
FRANCE
Channel NewsAsia, October 11, 2018
French court refuses UBS request to drop money laundering charge
A French court on Thursday (Oct 11) threw out a request by Swiss bank UBS to drop money laundering charges and limit trial proceedings to complicity in tax fraud, which carries lighter penalties. Read the full article
FRANCE
Reuters, October 8, 2018
Swiss bank UBS on trial in France over alleged tax fraud
Swiss bank UBS Group AG, its French unit and six executives faced charges of aggravated tax fraud and money laundering on Monday, the first day of a trial into allegations they helped wealthy clients avoid taxes in France. Read the full article
FRANCE
Bloomberg, October 7, 2018
UBS Accused of Bond Movie Tactics in Paris Tax-Dodging Trial
France is seeking 1.6 billion euros ($1.8 billion) in compensation from UBS Group AG, which went on trial in Paris on Monday accused of encouraging rich clients to stash cash outside the country to evade taxes. Read the full article
UNITED KINGDOM
Bloomberg, September 13, 2018
UBS Faces FCA Review of Alleged Rape Incident in London
The U.K. financial services regulator is looking at how UBS Group AG handled an alleged rape involving a London-based trainee and a more senior employee, people familiar with the matter said. Read the full article
UNITED STATES
Bloomberg, September 7, 2018
Star Broker Accuses UBS of Gender Discrimination
Christine Carona was a star broker at UBS Group AG. In the Boston office, she managed more than $300 million and was a member of the President’s Council, an elite club for top producers. Read the full article
SWITZERLAND
Bloomberg, August 29, 2018
UBS Hires Law Firm to Review its Handling of Rape Allegation
UBS Group AG hired global law firm Freshfields Bruckhaus Deringer LLP to review how the bank handled a complaint from a young female trainee who alleged that a senior male colleague raped her. Read the full article
UNITED STATES
The Wall Street Journal, July 20, 2018
U.S. Censures UBS Over Its Anti-Money Laundering Systems
UBS Group AG was censured by a U.S. regulator for “systemic deficiencies” in anti-money laundering systems at its branches in New York, Connecticut, and Florida. Read the full article
UNITED STATES
Frontline, May 1, 2018
FRONTLINE
Former UBS Insider Says Banks Fueled Economic Crisis in Puerto Rico
In the years before Hurricane Maria devastated Puerto Rico, a debt crisis crippled the island’s finances, wiping out billions in Puerto Rican investments and leaving the island’s infrastructure dangerously vulnerable. Read the full article
SWITZERLAND
finews.com, April 19, 2018
UBS Broaches Swiss Tax Taboo
UBS has demanded proof of tax compliance from its foreign-based customers. Now, the Swiss bank is setting its sights on Swiss clients. Read the full article
HONG KONG
Finance Magnates, March 21, 2018
UBS Securities Asia Limited Reprimanded and Fined $4.5 Million by SFC
The Securities and Futures Commission of Hong Kong has reprimanded and fined UBS Securities Asia Limited (UBS Securities), a total of $4.5 million, for their failings with regard to trading activities. Read the full article
UNITED STATES
Reuters, March 21, 2017
UBS in $230 million settlement of New York mortgage securities probe
UBS AG has reached a $230 million settlement to resolve charges brought by New York state that it misled and hurt investors by selling subprime mortgage securities that contributed to the 2008 global financial crisis. Read the full article
HONG KONG
The New York Times, March 9, 2018
Hong Kong Suspends UBS as IPO Sponsor for 18 Months
Hong Kong’s securities regulator has blocked UBS from sponsoring initial public offerings for 18 months, the Swiss bank said in its annual report released on Friday, adding it planned to appeal against the decision. Read the full article
UNITED KINGDOM
Bloomberg, January 2, 2018
Ex-UBS Trader Says Bank ‘Mandated’ Conduct That Led to Libor Ban
An ex-UBS Group AG trader banned from the finance industry over allegations that he manipulated Libor rates told a London court that his actions were “mandated” and “sanctioned” by the bank. Read the full article
UNITED STATES
Bloomberg, December 21, 2017
UBS Told to Pay $903,000 After Losing Retaliation Verdict
UBS Group AG owes $903,300 to a former senior strategist who claimed he was fired for refusing to sugarcoat his reports for clients. Read the full article
UNITED STATES
Forbes, November 21, 2017
Wealth Management Fee Hike Could Put Pressure On UBS’ Revenues
UBS is reportedly working on a new fee structure which will require its wealth management clients in the U.S. to pay more for the Swiss banking giant’s services. UBS’s decision makes sense given the fact that it had made no changes to its fee structure since 2009, and also because its wealth management revenues have largely stagnated over recent quarters. Read the full article
SAUDI ARABIA
Bloomberg, November 14, 2017
Citigroup, UBS Are Among the Banks Most Exposed to Wealthy Saudi
Citigroup Inc. and UBS Group AG are among international banks managing the largest share of assets for wealthy Saudis, some of whom are being investigated as part of a government probe into alleged corruption, according to people familiar with the matter. Read the full article
UNITED STATES
On Wall Street, November 7, 2017
UBS must pay fired broker $3M over defamation claim
An advisor fired by UBS will receive $3 million from his former firm after losing three quarters of his clients and a massive recruiting deal from a rival wirehouse, his lawyer says. Read the full article
PUERTO RICO
Forbes, November 2, 2017
Puerto Rico Debt Crisis: Lawsuit Claims UBS Scammed Island Residents
Puerto Rico did not sink into over $74 billion dollars in debt overnight. A series of events took place over the last ten years that pushed the U.S. territory to the edge of bankruptcy … then Hurricane Maria pushed it over. Read the full article
GERMANY
Yahoo! Finance, November 2, 2017
Agreement nears in German-Swiss bank secrecy spying case
A court case that has pitted Swiss bank secrecy against German fiscal propriety looked close to being settled on Thursday with a suspended jail sentence and modest fine for a 54-year-old former Swiss policeman and UBS anti-fraud officer. Read the full article
SWITZERLAND
The New York Times, October 31, 2017
Exclusive-Swiss Prosecutors Seek Widening of Secrecy Law to Bankers Abroad
Swiss prosecutors are seeking a court ruling that would make it easier to convict whistleblowers for breaking the country’s bank secrecy law wherever they are in the world, legal documents show. Read the full article
UNITED STATES
Reuters, October 27, 2017
SEC fines UBS $3.5 million for overcharging mutual fund customers
UBS AG will pay a $3.5 million civil fine to settle U.S. Securities and Exchange Commission claims that it overcharged customers on mutual funds, the regulator said on Friday. Read the full article
GERMANY
The Telegraph, October 16, 2017
UBS loses lawsuit over derivatives deals with German water company
UBS has said it will appeal after losing a lawsuit against a German water company for almost $140m in payments linked to derivative deals, in a case the judge described as “a sorry story of greed and corruption”. Read the full article
FRANCE
Bloomberg, October 10, 2017
UBS Suffers Setback in Bid to Thwart French Tax Evasion Case
UBS Group AG suffered a setback in a long-running French tax probe as a court rejected its bid to stop a former executive from striking a plea deal in the case. Read the full article
GERMANY
International Investment, September 29, 2017
UBS whistle-blower describes raids in Frankfurt as part of ‘same old story’
Brad Birkenfeld, who famously exposed UBS tactics that were helping high-net-worth-individuals in the US with tax evasion, has questioned UBS’s assertion that it had nothing to hide following raids on its offices this week by 130 prosecutors and investigators. Read the full article
UNITED STATES
finews.com, September 28, 2017
Swiss Banking Stuck in the Tax Mire
Swiss banks may be insisting that the legal wrangles with foreign tax authorities are done and dealt with. Recent examples show that nothing could be further from the truth. Read the full article
GERMANY
Bloomberg, September 27, 2017
UBS German Sites Searched as Tax Probes Return to Haunt Bank
Prosecutors in Germany carried out searches in connection with an investigation of about 2,000 UBS Group AG clients on suspicion of tax fraud, extending a series of probes into its customers that stretch back at least five years. Read the full article
SWITZERLAND
Wealth Manager, September 18, 2017
Prosecutors probe €500 bills flushed down UBS toilet
Swiss prosecutors are attempting to get to the bottom of a mystery surrounding who has been chopping up $500 notes and flushing them down the toilet at a Geneva branch of UBS. Read the full article
GERMANY
Swissinfo, August 16, 2017
Suspected Swiss spy indicted in Germany
German prosecutors indicted a Swiss man on espionage charges in a case involving alleged spying on German tax officials, authorities in Karlsruhe, Germany said on Wednesday. Read the full article
UNITED STATES
Reuters, July 11, 2017
HSBC, UBS settle U.S. rate-rigging litigation; 10 banks’ total payout tops $408 million
HSBC Holdings Plc and UBS Group AG have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate benchmark used in the $483 trillion derivatives market. Read the full article
LUXEMBOURG
Swissinfo, June 6, 2017
The Case of a Fund Manager, Madoff and UBS Reaches Top EU Court
It’s been so long they’ve already made a movie and a mini-series. But nearly a decade after Bernard Madoff’s Ponzi scheme was discovered, many European investors are still waiting for the resolution of endless lawsuits stalled in Luxembourg courts. Read the full article
SWEDEN
Swissinfo, May 17, 2017
More countries demand UBS client names
Sweden and the Netherlands have joined a growing list of countries demanding the names of a group of UBS bank clients in order to check whether they have paid taxes. France and Spain have previously asked for Swiss administrative assistance following the same tip-off from the German authorities. Read the full article
SWITZERLAND
BBC, May 17, 2017
The Swiss, the Germans, and the mysterious case of Daniel M
The case of Daniel M, a Swiss man arrested by the Germans on charges of spying, has focused attention in Switzerland on the activities of the Swiss intelligence services, the banks and the often awkward relationship between Switzerland and Germany. Read the full article
SINGAPORE
CNBC, May 15, 2017
Singapore sovereign fund GIC pares UBS stake at a loss
Singapore sovereign wealth fund GIC Pvt. Ltd., which invested in UBS to support it during the 2008-09 global financial crisis, said it has cut its stake in the Swiss bank at a loss, partly because of changes in the lender’s strategy and business. Read the full article
UNITED STATES
Reuters, May 1, 2017
UBS Whistleblower Birkenfeld Sues Bank for Libel
A former UBS Group AG banker who as a whistleblower helped U.S. authorities prosecute the Swiss bank for tax fraud, only to spend 2-1/2 years in prison for helping a billionaire client evade taxes, on Monday filed a $20 million libel lawsuit against his former employer. Read the full article
UNITED STATES
Bloomberg, May 1, 2017
UBS Pays $445 Million to Settle Mortgage Securities Probe
UBS Group AG has paid $445 million to settle National Credit Union Administration claims that the bank contributed to the collapse of corporate credit unions by selling them faulty mortgage-backed securities, the regulator said in a statement on Monday. Read the full article
SWITZERLAND
Reuters, April 19, 2017
UBS fined for delayed release of price-sensitive information
Swiss stock exchange SIX has fined UBS (UBSG.S) 2 million Swiss ($2 million) francs for releasing price-sensitive information too late after Switzerland’s highest court said it would not consider an appeal by the bank. Read the full article
MALTA
The Times of Malta, March 23, 2017
‘If you want people to come forward, offer serious cash’
Big whistleblowers put everything on the line, risking their financial stability, their personal and professional lives, and if we want more to come forward, we have to provide some serious money. Read the full article
FRANCE
The New York Times, March 20, 2017
UBS and Its French Unit to Face Trial in Tax Investigation
UBS said on Monday that the Swiss bank and its French subsidiary would face trial in a long-running investigation into whether it helped French clients hide funds from the country’s national tax administration. Read the full article
SWITZERLAND
STEP, March 16, 2017
Swiss Supreme Court approves France’s demand for disclosure of UBS client account
Switzerland’s Supreme Court has ruled that the government can comply with a French request for information about a UBS client’s bank account, despite the request probably being founded on stolen data. Read the full article
CANADA
Financial Post, February 17, 2017
Famous Swiss bank whistleblower wonders why Canada gave up so easily on $1 billion in unpaid taxes
In 2008, three years after blowing the whistle on widespread tax evasion facilitated by Switzerland’s largest bank, Bradley Birkenfeld started sending faxes to Canada. At the time, Birkenfeld, a former UBS AG private banker who resigned in 2005 after approaching management with concerns that it was breaking U.S. law, was working with U.S. authorities, providing information about how UBS helped American clients evade taxes by secretly holding their undeclared assets overseas. Read the full article
FRANCE
Bloomberg, February 15, 2017
UBS France Said to Be Charged With Harassment Amid Tax Probe
UBS Group AG’s French unit was charged over the possible harassment of one of the whistle-blowers behind a tax probe that forced the bank to post a 1.1 billion-euro ($1.16 billion) bond to cover any potential penalties. Read the full article
UNITED STATES
Corporate Research Project, February 4, 2017
UBS: Corporate Rap Sheet
UBS, the result of the 1998 marriage of two giant Swiss banks and the subsequent acquisition of the U.S. brokerage house PaineWebber, has been embroiled in a series of recent scandals involving its role in helping wealthy Americans evade taxes, its role in the manipulation of the LIBOR interest rate index and its failure to prevent one of its traders from running up more than $2 billion in losses. In 2015 it had to plead guilty to a criminal charge in the U.S. Read the full article
SWITZERLAND
The Wall Street Journal, January 27, 2017
UBS Saw $7 Billion in Outflows From Foreign Clients
UBS Group AG said foreign clients, mostly from emerging markets, pulled over 7 billion Swiss francs ($7 billion) from its flagship wealth-management unit late last year, on the eve of a Swiss government program designed to expose hidden bank accounts. Read the full article
FRANCE
Morningstar, January 12, 2017
Court of Human Rights Denies UBS Appeal Regarding 1.1 Billion Euro Bond in French Tax Case
UBS Group AG has lost a bid to appeal its treatment by France’s legal system at the European Court of Human Rights, which ruled that the Swiss bank had not had its right to be presumed innocent violated. Read the full article
FRANCE
finews.asia, January 5, 2017
France Borrows U.S. Methods in UBS Tax Case
UBS is fighting a bitter battle in France over hidden offshore accounts. Now, French officials have found a new and untested way to extract millions from the Swiss bank. Read the full article
FRANCE
Swissinfo, December 20, 2016
UBS accused over cross-border ‘tax fraud money laundering’
French prosecutors have accused UBS France, its Swiss headquarters and French and Swiss bankers of orchestrating a vast cross-border system of “tax fraud money laundering”, according to a 126-page prosecution summary seen by the Swiss newspaper Le Temps. Read the full article
SWITZERLAND
RT, December 2, 2016
Switzerland’s age of banking secrecy coming to an end
The Swiss government plans to dramatically increase international cooperation on fiscal transparency, sharing private information about clients of the country’s banks. Read the full article
SWITZERLAND
The Local, November 14, 2016
Swiss donation to Clinton Foundation sparks debate
The Swiss foreign ministry is in the spotlight for donating nearly 500,000 francs to the Clinton Foundation in 2011, when Switzerland and the US were locked in a dispute over tax evasion. Read the full article
SPAIN
Swissinfo, October 7, 2016
Madrid requests Spanish citizens’ UBS data from Switzerland
Spain’s tax authorities have made an official request to Switzerland for information on UBS bank account holders in Spain, the bank confirmed on Friday. Read the full article
GREECE
Financial Times, July 19, 2016
Greek tax investigators raid home of former local UBS bank boss
Greek investigators have raided the home of a former local boss of UBS as part of a widening investigation into suspected tax evasion.
The raid on Christos Sclavounis’ Athens residence on July 4 is the latest attempt by cash-strapped European nations to pierce the secrecy of Swiss banks in the hope of boosting depleted coffers. Police took away computers, documents and disks, according to people with knowledge of the raid. Read the full article (you’ll need to be a suscriber).
FRANCE
Swissinfo, July 5, 2016
UBS ordered to comply with French request
The Swiss tax authority has ordered Switzerland’s largest bank UBS to turn over information linked to a French investigation. Read the full article
FRANCE
Bloomberg, June 27, 2016
French Prosecutors Said to Recommend UBS Face Trial in Tax Case
French prosecutors are recommending that UBS Group AG and its French unit face a criminal trial over allegations it helped clients evade taxes following a probe that caused the bank to post a 1.1 billion-euro ($1.2 billion) bail to cover a potential penalty, according to a person familiar with the matter. Read the full article
BELGIUM
BBC, February 26, 2016
UBS investigated for tax fraud and money laundering in Belgium
A statement from prosecutors said: “The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes.” Read the full article
UNITED STATES
U.S. Securities and Exchange Commission, October 13, 2015
UBS to Pay $19.5 Million Settlement Involving Notes Linked to Currency Index
The Securities and Exchange Commission today announced that UBS AG has agreed to pay $19.5 million to settle charges that it made false or misleading statements and omissions in offering materials provided to U.S. investors in structured notes linked to a proprietary foreign exchange trading strategy. Read the full article
UNITED STATES
The Wall Street Journal, July 30, 2015
UBS Deal Shows Clinton’s Complicated Ties
A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts. Read the full article
UNITED STATES
The Economist, May 23, 2015
Unsettling settlements
The scene was familiar: regulators meting out vast penalties to banks, scathing statements about gross misconduct, yet no individuals charged with any crimes and some confusion as to what exactly the banks were admitting to and what effect that would have. On May 20th a consortium of American and British government agencies announced settlements with six international banks regarding claims that they had manipulated currency markets. The six—Bank of America, Barclays, Citigroup, JPMorgan Chase, Royal Bank of Scotland (RBS) and UBS—agreed to pay $5.6 billion in penalties. All but Bank of America also admitted to crimes, although the significance of that is unclear. Read the full article
UNITED STATES
The Economist, May 23, 2015
America the not so brave
America has led the global assault on tax dodgers and their enablers. But the reality still lags behind the rhetoric. Read the full article
ITALY
Bloomberg, February 26, 2015
Swiss Banks Try to Keep Italian Clients After Tax Deal
Swiss asset managers, faced with the prospect of an exodus of Italian funds, have won a reprieve. An agreement allowing the two nations to share information that was signed Monday means Italy will remove Switzerland from a black list, enabling Italians to come clean on undeclared Swiss funds on better terms and keep their money where it is. Read the full article
GLOBAL
Committee for the Abolition of Illegitimate Debt (CADTM), February 12, 2015
UBS and HSBC, the executives of international tax evasion
Thanks to the “Swiss leaks” HSBC is back in the news. But they are not alone, other banks including UBS, have also organised large-scale tax frauds and evasion. Read the full article
GERMANY
SPIEGEL ONLINE, August 10, 2012
The ‘Singapore Connection’: German Tax Investigators Set Their Sights on UBS
The German state of North Rhine-Westphalia has made headlines by buying data on Swiss bank accounts in a crackdown on German tax evaders. But now they have found evidence that Swiss bank UBS may have helped Germans shift their assets to Singapore before a tax treaty between Germany and Switzerland goes into effect next year. Read the full article
UNITED STATES
New York Daily News, January 5, 2010
UBS whistleblower Bradley Birkenfeld deserves statue on Wall Street, not prison sentence
Barack Obama, who entered the White House promising all this change, should be hailing Bradley Birkenfeld as a modern-day hero. Read the full article
UNITED STATES
Tax Notes, January 4, 2010
The 2009 Person of the Year
Sudden changes are seldom witnessed in the tax world. History teaches that for every brilliant tax reform proposal, there is a well-organized lobby seeking to preserve the status quo. Consider offshore tax evasion. For decades policymakers have decried the ability of Americans to illegally shelter assets offshore while failing to declare the related income on their tax returns. Yet the IRS often seems unable to do anything about this activity, and Congress has been perpetually unwilling to get serious on the issue. Read the full article
UNITED STATES
Democracy Now!, August 25, 2009
“Who is Obama Playing Ball With?” By Amy Goodman
It looked like it was business as usual for President Barack Obama on the first day of his Martha’s Vineyard vacation, as he spent five hours golfing with Robert Wolf, president of UBS Investment Bank and chairman and CEO of UBS Group Americas. Wolf, an early financial backer of Obama’s presidential campaign, raised $250,000 for him back in 2006, and in February was appointed by the president to the White House’s Economic Recovery Advisory Board. Economic recovery for whom? Read the full article
UNITED STATES
The Telegraph, July 6, 2008
UBS: The crisis at the heart of the Swiss bank
Swiss banks are supposed to be boring but the crisis at UBS shows how one of Europe’s most sensible companies threw caution to the wind. Lukas Hässig in Zurich investigates. On Tuesday Peter Kurer, the new UBS chairman, fulfilled his first promise. The 59-year-old former company lawyer drew a line under the era of Marcel Ospel, who resigned as head of the Swiss bank in April after seven years in office. Read the full article
UNITED STATES
The New York Times, June 6, 2004
Lockboxes, Iraqi Loot And a Trail To the Fed
When a United States Army sergeant broke through a false wall in a small building in Baghdad on a Friday afternoon a little over a year ago, he discovered more than three dozen sealed boxes containing about $160 million in neatly bundled $100 bills. Read the full article
UNITED STATES
The New York Times, May 11, 2004
UBS Fined $100 Million Over Trading of Dollars
The Federal Reserve fined Switzerland’s largest bank, UBS, $100 million on Monday, accusing it of violating United States trade sanctions by sending dollars to Cuba, Iran, Libya and Yugoslavia. Read the full article