UBS clients hid income

| 18/08/2009

(AP): Wealthy American clients of Swiss bank UBS AG used sham corporations set up in havens as part of their efforts to evade US taxes, according to documents filed in Florida and California court cases. The most recent UBS client to plead guilty to tax charges, John McCarthy of Malibu, Calif., used a Hong Kong-based entity called COGS Enterprises Ltd. to open a UBS account in 2003. McCarthy opened an account for his Hong Kong entity at UBS’s operation in the Cayman Islands. He was told by UBS advisers that "a lot of United States clients don’t report their income and just take it off the top," according to court documents.

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