Former UBS banker in US tax fraud case

first_img KCS-content Share Former UBS banker in US tax fraud case FEDERAL prosecutors have charged a former UBS banker with encouraging his wealthy American clients not to disclose to US tax authorities they had money in offshore accounts.Renzo Gadola, an investment adviser based in Switzerland, faces charges of conspiracy to defraud the United States, the US attorney’s office in Miami said in a statement yesterday.Gadola, a Swiss citizen who worked at UBS from 1995 to 2008, was arrested on 8 November, two days after meeting a client at a Miami hotel and allegedly attempting to persuade the person from disclosing offshore account information to US officials.In filed court documents, US officials charged Gadola worked with another unidentified former UBS banker to hide clients’ money from US tax scrutiny by shifting undeclared funds from UBS accounts to Switzerland-based Basler Kantonalbank.Gadola told authorities there must have been a case of mistaken identity that led to his arrest, according to court papers.He pleaded not guilty in an appearance before a judge on Tuesday. Lawyers for Gadola were not immediately available for comment.The unnamed ex-UBS banker was described by prosecutors as a former executive director for UBS’s North America International business, who left the bank seven years ago, taking 150 clients with him to set up an independent investment group in Switzerland.The case comes after US authorities recently ended a probe into UBS, which was charged by federal prosecutors with helping roughly 17,000 clients with $20bn of assets hide their accounts from the Internal Revenue Service. As part of a settlement, Zurich-based UBS paid $780m and handed over the names of more than 250 client accounts and ended its US cross-border banking business.In the Gadola case, prosecutors said the unidentified Swiss banker received some $445,000 from a Mississippi client before transferring it first to UBS and then to a Basler Kantonalbank account. The client later said he wanted to declare the money under a voluntary disclosure programme, but was advised against it because his account was too small. More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemcenter_img whatsapp whatsapp Wednesday 15 December 2010 8:03 pm Tags: NULLlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *