New Swiss Enabler Indictments - Bankers Related to UBS and, Allegedly, Wegelin

New Swiss Enabler Indictments - Bankers Related to UBS and, Allegedly, Wegelin

Three Swiss enablers, reputedly employed by or affiliated with Wegelin & Co., have been indicted in NYC.  The indictment is here; the USAO SDNY press release is here, see quote below].

The three are Michael Berlinka, Urs Frei, and Roger Keller.  The amount of money hidden allegedly exceeds $1.2 Billion (with a B).

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I suspect all are still in Switzerland and unlikely to come to the U.S. to have their day in court.  I suspect that, like all of this genre of indictment of absent Swiss bank enablers, DOJ is sending a message and perhaps putting additional pressure on some type of global settlement (that will preserve the U.S.'s ability to prosecute the really bad offenders, whether U.S. taxpayers or not).

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The judge is Jed Rakoff, who has drawn some notoriety for questioning the leniency of SEC settlements in the banking fiasco. Query, will he also question any leniency in plea bargain deals should there ever be one (or more) in the offshore bank cases assigned to him.

View Jack Townsend's input in its entirety on the Federal Tax Crimes blog site.

For additional insight, explore Tax Crimes, authored by Jack Townsend and available in the LexisNexis® Store.

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