UBS said being investigated in new U.S. tax evasion case

UBS sign

UBS is being investigated by the U.S. over whether it helped Americans evade taxes by improperly using securities that let owners conceal their identity, three people familiar with the matter said.

Bloomberg News reports the new investigation, which comes six years after the bank resolved a separate tax-evasion case with the Justice Department, focuses on bearer securities, which can be used like cash, according to one of the people, who like the others, asked not to be identified because the investigation isn’t public.

'UBS has so far handled these investigations pretty cleverly and has always gotten away relatively lightly,' said Dieter Hein, a Kronberg, Germany-based analyst for AlphaValue SAS. 'If there is something to these new accusations, I would expect UBS to get away less lightly, as they would be a repeat offender.'

Hit the link below to access the complete Bloomberg News article:

UBS Said to Be Under New Tax-Evasion Probe in U.S.

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