150 American UBS clients may face criminal charges: report

[Heidi]

Source: Reuters

Fri Aug 14, 2009 3:33am EDT

(Reuters) - 150 American clients of UBS are likely to face criminal charges related to tax evasion in the United States, the New York Times reported, citing a person briefed on the matter.

The person told the paper that several inquiries across the country were being handled by dozens of prosecutors and would result in criminal complaints.

The paper said it was unclear where the U.S. government got the client names from.

In February, UBS agreed to pay $780 million and to hand over data relating to about 250 U.S. clients to settle criminal charges it was facing under a tax dispute with the U.S. government.

Read more: http://www.reuters.com/article/newsOne/idUSLE27650520090814

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Earlier related Latest Breaking News thread:
UBS Tax Lawsuit Settled by U.S., Swiss Governments (Aug. 12, 2009)

[comtec]

1. that seems low

as is the fine total...
only 250 clients? they must be low-value accounts.
I smell a swiss rat....

[Hubert Flottz]

2. The rest were probably too big to fail...

[formercia]

3. The 250 were the first UBS clients to be revealed.

Out of those, 150 will be charged.

A lot of tax cheats have been playing 'let's make a deal' with the IRS to keep from going to jail.

The first 250 were large accounts. There are some 52,000 other clients yet to be revealed to the IRS, if I remember correctly.

Just having an overseas account doesn't necessarily mean any laws were broken.

[Rebellious Republican]

5. You remember correctly...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4011705&mesg_id=4013629

Care to join me with some popcorn to enjoy the show :popcorn:

Cheers
:toast:

[formercia]

7. I'll have some popcorn with extra butter, Thank you.

:popcorn: :hi:

[snot]

4. hoping for more. K&R'd

[indimuse]

6. knr! n/t

[asdjrocky]

8. Names? I want names.

[Canuckistanian]

9. K&R n/t

[berni_mccoy]

10. How many are elected officials?

[MrsBrady]

11. i mean they've publicized this enough...

wouldn't you have time to move the money?

[redqueen]

12. They're looking at records.

Not current balances

[MrsBrady]

14. I certainly don't have this kind of money...

but I know someone who does....
I wonder even if "good people" with some real, major corporation type -Name Brand-(I won't repeat to protect them) heir type money
have Swiss Bank accounts?

[redqueen]

18. Greed is a powerful motivator.

I guess a lot depends on whether their accountant suggested it / would do it.

[MrsBrady]

23. I think his job is to manage his money.

I'll never know, of course....what they do with all that.

[formercia]

13. A lot of them have

It's in the multiple tens of Billions that has been moving elsewhere. The lost revenue from this money has hurt UBS's bottom line substantially.

[keepthemhonest]

15. is it just me or is good winning over evil lately? NT

[salguine]

16. If anybody gets prosecuted, they'll get less punishment than you or I would get for

shoplifting a Hershey bar.

[denverbill]

17. That's 150 fewer voting Republickers then.

The ones who whine the most about taxes are also the ones doing the most tax cheating.

[kirby]

20. I wouldn't assume that...

Look at Bernie Madoff for example.

[ensho]

19. good

nt

[rucky]

21. This will be huge. n/t

[glinda]

22. Recent frequent tv Ads running saying "If you owe millions of dollars in taxes, we can

get the IRS to settle for a lower the amount". Well how about the majority of us who never get any deal like that.

[Octafish]

24. What about the other 51,850?

There were a lot of people under discussion. While I don't know what happened to them, I do have a darn good idea about how the money got to UBS:

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

It's like a pipeline filled with money, for the, eh, right people.