US indicts former UBS banker

| 04/08/2011

(SwissInfo): The United States has indicted an ex-UBS banker for providing offshore tax-evasion services to rich Americans. On Tuesday, Martin Lack was charged with one count of conspiracy to defraud the US. The Swiss national had headed UBS’s North American business targeted at wealthy clients until 2003. Tax authorities estimate that Swiss banks helped Americans hide billions in undeclared offshore accounts. Meanwhile, a US Justice Department investigation has Credit Suisse in its sights.

Several of its bankers have been indicted, and US officials sent a letter last month to inform the bank that it was under criminal scrutiny.

UBS avoided indictment in 2009 by agreeing to pay a fine of $780 million ($600 million) as well as admitting wrongdoing and providing a list of client names.

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