Now that UBS has agreed to release the names and account information of approximately 5,000 American clients, the United States government is opening criminal investigations on over 150 of these individuals. According to the BBC, the governments of the U.S. and Switzerland had negotiated the release of client information, to be completed tomorrow; this paves the way for criminal investigation on the part of U.S. regulators. UBS has also agreed to pay $780 million to settle the charges that the Swiss bank abetted tax evasion on the part of its American clients.
Government to Investigate 150 UBS Clients
UBS’s release of the client information for about 5,000 of its American clients has already sparked criminal investigations by the U.S. government.
August 18, 2009