Ex-UBS banker and tax cheat informant under investigation

Dog Detective

Switzerland's prosecutor said it is investigating former UBS banker Renzo Gadola, who received a light sentencing in the U.S. two years ago in return for becoming a informant on wealthy American tax cheats.

Reuters reports that the investigation centres on industrial espionage, according to Swiss media, and it raises the spectre of more Swiss bankers who have cooperated with foreign officials being pursued by prosecutors for violating the country's strict banking secrecy laws.

'The investigation is underway. Because it is confidential, we cannot give any information on the nature, status or progress of our investigation', a spokeswoman for Switzerland's prosecutor said in an email to Reuters on Tuesday.

Earlier on Tuesday, Swiss weekly business paper Handelszeitung reported that Zurich's prosecutor had referred an investigation involving Gadola, who worked at UBS from 1995 to 2008, and alleged industrial espionage to federal prosecutors.

Almost immediately after his arrest in 2010, Gadola started cooperating with U.S. officials, providing insight into other bankers and Swiss financial institutions offering offshore banking services, according to prosecutors at the time of his sentencing in 2011.

To access the complete Reuters article hit the link below

Swiss prosecutors probe former UBS banker turned U.S. informant

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