Friday, May 30, 2008

Former UBS executive helping IRS with tax fraud investigation

A former executive with Swiss bank UBS AG has agreed to plead guilty to tax fraud and cooperate with the U.S. government's investigation of wealthy individuals evading taxes with UBS help.

He is expected to provide the government with the names of his U.S. clients.

"UBS frequently teamed up with bankers in the tiny neighboring tax haven of Liechtenstein to help wealthy Americans hide assets from the Internal Revenue Service," the Wall Street Journal said.