Former UBS employee tells all
Former UBS employee Bradley Birkenfeld has pleaded guilty to a charge of helping a client dodge taxes, and says he will tell the U.S. everything he knows about the bank. Stephen Beard tells us more about what fraudulent behavior went on.
UBS sign in Geneva, Switzerland (Fabrice Coffrini/AFP/Getty Images)
More on Investing
TEXT OF STORY
Renita Jablonski: A former employee of UBS says he'll tell American tax investigators everything he knows about the Swiss bank. Bradley Birkenfeld has pleaded guilty to a charge of helping a client dodge taxes. From our European Desk, Stephen Beard reports.
Stephen Beard: Birkenfeld admits that he helped wealthy clients hide cash and other valuables from the U.S. taxman. On one occasion, he smuggled diamonds into America in a toothpaste tube. He set up sham companies in places like Panama and Liechtenstein.
Birkenfeld is due to be sentenced in August. His lawyer says he will "reveal all about what was going on at UBS."
Switzerland's largest bank is clearly reeling. In a statement, it says it is also cooperating fully with the U.S.
Edward Haddas is with the financial Web site Breaking Views:
Edward Haddas: What they haven't said is perhaps more interesting. They haven't accused Birkenfeld of being a rogue trader or denied that some of these practices took place.
Haddas says that UBS may even be considering whether or not to disclose to the U.S. authorities some of the names of its 20,000 American clients.
In London, this is Stephen Beard for Marketplace.
Comments
Comment | Refresh
Post a Comment: Please be civil, brief and relevant.
Email addresses are never displayed, but they are required to confirm your comments. All comments are moderated. Marketplace reserves the right to edit any comments on this site and to read them on the air if they are extra-interesting. Please read the Comment Guidelines before posting.
You must be 13 or over to submit information to American Public Media. The information entered into this form will not be used to send unsolicited email and will not be sold to a third party. For more information see Terms and Conditions and Privacy Policy.