Thursday, 24th July 2008

 

15 May 2008 - Press Briefing

UBS could face subpoena for information on wealthy clients

US prosecutors could issue a broad subpoena for the names of wealthy American clients who may have used its services to avoid income tax, according to a report in the Wall Street Journal.

The subpoena would follow an indictment of former UBS private banker Bradley Birkenfeld and Mario Staggl, a Liechtenstein banker.

Citing a colleague of Birkenfeld, David Schwedel from Geneva-based Union Charter, the WSJ report said: "This is just the beginning…This appears to be the IRS's effort to pursue UBS in what most likely will become a larger case. Bradley was not the first or only private banker of UBS to be called in on this issue. Most assuredly, he will not be the last.”

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