UBS

November 17, 2009 -- “While it is good to know that 14,700 people have now disclosed previously hidden offshore bank accounts, the U.S.–Swiss Annex disclosed today, designed to compel disclosure of the names of U.S persons with Swiss accounts at UBS, is very disappointing.

"It complicates and muddies what should have been a straightforward agreement by UBS and the Swiss Government to disclose Swiss accounts hidden from the United States by U.S. accountholders.

"UBS admitted last year that it ‘participated in a scheme to defraud the United States’ out of tax revenue. Since then, UBS has been prohibited by its government from simply turning over the names of the 52,000 U.S. clients suspected of participating in that tax evasion scheme with UBS.    » read more »

Unprecedented Response in Voluntary Tax Disclosure Program

November 17, 2009 -- WASHINGTON – Deputy Attorney General David W. Ogden released the following statement regarding the announcement today by the Department of Justice and the Internal Revenue (IRS) regarding the results arising from previous settlements of civil and criminal cases against Swiss banking giant UBS AG.

The Justice Department and IRS announced that over 14,700 taxpayers have come forward to report previously-undisclosed foreign bank accounts under the voluntary disclosure program the IRS implemented following the settlement. This figure represents almost double the initial numbers the IRS announced in October and dwarfs the number of voluntary disclosures received in 2008.    » read more »

November 10, 2009 -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced today that MICHAEL KOULOUROUDIS, an accomplice of a former UBS investment banker, pleaded guilty before United States District Judge PAUL G. GARDEPHE on charges of conspiracy and securities fraud as a result of trading based on inside information stolen from UBS.

According to the Complaint and Superseding Indictment previously filed in this case, and statements made during KOULOUROUDIS's guilty plea:    » read more »

February 19, 2009 -- WASHINGTON - The government filed a lawsuit today in Miami against Swiss bank UBS AG, the Justice Department announced. The lawsuit asks the court to order the international bank to disclose to the Internal Revenue Service (IRS) the identities of the bank’s U.S. customers with secret Swiss accounts. According to the lawsuit, as many as 52,000 U.S. customers hid their UBS accounts from the government in violation of the tax laws.    » read more »

Washington, D.C., Feb. 18, 2009 — The Securities and Exchange Commission today filed an enforcement action against UBS AG, charging the firm with acting as an unregistered broker-dealer and investment adviser.    » read more »

Cuomo Today Announces His Office is Focusing Attention on other Industry Players Including JP Morgan Chase, Morgan Stanley and Wachovia

NEW YORK, NY (August 11, 2008) - New York Attorney General Andrew M. Cuomo today announced his office is expanding its investigation into the auction rates securities scandal. Cuomo today sent letters to JP Morgan Chase, Morgan Stanley and Wachovia announcing that his office will look into the firms’ behavior pertaining to misrepresenting auction rate securities to investors as safe, cash-equivalent products, when in fact they faced increasing liquidity risk.

Last week Cuomo’s office secured landmark agreements with UBS and Citigroup that will return over $20 billion to investors across New York State and the nation.    » read more »

Auction Rate Security Investors Recover Billions

August 8, 2008 -- NEWARK -- New Jersey Attorney General Anne Milgram announced today that the N.J. Bureau of Securities, as part of a national task force with other state regulators, and the Securities and Exchange Commission reached a settlement with UBS Securities LLC and UBS Financial Services, Inc. that will give thousands of UBS clients, including New Jersey investors, access to billions of dollars in funds that have been frozen in the auction rate securities (ARS) market.    » read more »

UBS to Pay Restitution and Penalty for Steering Customers into Unsuitable Accounts; Largest Ever Settlement in Fee-based Brokerage Account History

New York, NY (July 16, 2007) – New York Attorney General Andrew M. Cuomo today announced UBS Financial Services, Inc. (UBS) has agreed to pay $23.3 million dollars in the largest ever settlement in the history of fee-based brokerage accounts.    » read more »