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Enlarge By Christian Hartmann, Reuters

UBS offices in Zurich. The Swiss bank, with government

support, is using all legal means to avoid being forcedinto naming names of account holders suspected ofevading U.S. taxes.

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Updated 2/20/2009 9:26 AM | Comments 419 | Recommend 57 E-mail | Save | Print | Reprints & Permissions |

By Kevin McCoy, USA TODAY

One is a U.S. business owner who hid atax-evasion scheme "well into the sevenfigures."

Another is an elderly American who kept

money in an offshore account over fear for

the security of the U.S. banking system.

And then there are the children of parents

who survived the Holocaust and established aforeign trust account on their behalf.

Their attorney says all had undeclared bank

accounts at UBS, (UBS) the Swiss banking

giant sued Thursday by U.S. authorities in an

escalated demand for the identities of owners

of approximately 52,000 such accounts in which Americans

secretly held at least $14.8 billion.

They're also among a recent rush of American UBS customers

who contacted the IRS about their accounts, hoping to gain

leniency for their failure to pay years of federal taxes on the

secret holdings.

"The rush is on," says Robert McKenzie, a Chicago attorneywho's representing the three UBS account holders plus 14

others seeking similar tax settlements regarding accounts at the

Swiss bank.

The IRS' message is clear: "You better come in now before yourname comes out," said McKenzie, who declined to identify his

clients but agreed to discuss general outlines of their cases.

The developments are part of a historic legal struggle that has

cracked Switzerland's renowned reputation for banking secrecy

and cast a spotlight on what a 2008 Senate hearing identified as

$100 billion in annual tax evasion by American owners of foreign

accounts.

U.S. authorities filed the civil lawsuit in Miami, one day after

reaching a deferred-prosecution deal in which UBS agreed to a$780 million settlement of criminal charges it helped American

customers evade federal taxes. The agreement required thebank to turn over identities of some of those clients.

Thursday's civil lawsuit asked a federal court to enforceso-called John Doe summonses served on UBS last year for the

names of the undeclared account owners, along with details of

their holdings.

The court demand also cited roughly 52,000 suspect accounts,

up from 19,000 federal authorities alleged last year.

Federal authorities upped the legal ante after UBS' criminal case

acknowledgement of a 2000-2008 scheme in which its bankers

used encrypted laptop computers and counter-surveillancetactics during trips to the U.S. in which they helped American

clients evade taxes.

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Mixx

Comments: (419) Showing: New: Most recommended!

Ronald A. Jacks (0 friends, send message) wrote:

Ronald A. Jacks (0 friends, send message) wrote:

beachbum56 (0 friends, send message) wrote:

American People (103 friends, send message) wrote:

K7 (12 friends, send message) wrote:

Zack Major (90 friends, send message) wrote:

"At a time when millions of Americans are losing their jobs, their homes and their health care, it is appalling that

more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes,"DiCicco said. "It is time for those who are trying to hide from the IRS to rethink their actions."

Posted 2/19/2009 9:27 PM

Updated 2/20/2009 9:26 AM E-mail | Save | Print | Reprints & Permissions |

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2/25/2009 1:53:44 PM

Its a question of control the ego is fostered by the need to be right ? Funny thing about amass wealth

and information technology it can be used against me who's disability is best?

Recommend | Report Abuse

2/25/2009 1:48:27 PM

Its not only and educational exscuse its a two 4 one sale settle the estate for 3cent on the dollar and

drag it out until June with the digital upgrade ; yes i saw the Presidential Redress! What is this the

autocrats Vs Beurocrats? Where are the legislaters on the ruling on eminent domain Public/private?

One Word infrigment is'nt it the rule of law they're debating': who writing and making domestic policy?

The taranny of homerule! Is the Jury still Hung? Brown Vs Board fo education was a quick fix ; what

was the long term results the last time i checked it was limited appropiatorship not sole propiatership!

No lines are finite


2/21/2009 2:26:01 PM

Oh come on already! T he attorneys won't reveal names of those who KNOWINGLY

failed to pay income taxes! Must have been big money and VERY big names to get

such special treatment! Funny, people can get away with tax evasion, but people who

have a hand in giving people the keys to houses with bad mortgages attatched, just

get bailed out.


2/21/2009 1:39:10 AMLet's see who is on this l ist and then let's see what their punishment is. Equal justice for all should be

the goal.

Recommend 2| Report Abuse

2/21/2009 12:17:21 AM

I would love to see if Rosie O'Donnell, Susan Sarandon,Sean Penn and a few of the other hypocritical

Hollwood mouthpieces are on that list! Would anyone be surprised?


2/20/2009 10:01:57 PM

Yahoo! Buzz


4/5

Truth2009 (0 friends, send message) wrote:

_rise_up_(40 friends, send message) wrote:

Just My Opinion (1 friends, send message) wrote:

Governor2 (2 friends, send message) wrote:

BW_USA (0 friends, send message) wrote:The smart ones have already moved their money to the Caribbean!

Why else do you think these tiny countries are in the top 10 of world wide bond holders!= == = =

I dont think this will be a big deal at all.

1. Say sorry

2. Blame Turbo Tax

3. Pay the back tax with no IRS penalties

We know how this will turn out; we saw it wi th Daschle and our current Secretary of T ax Evasion, er, I

mean Treasury.


2/20/2009 9:13:34 PM

This is irony. US banks never give information to foreign governments for their criminals hiding in US.


2/20/2009 9:02:12 PM

ShotgunWedding (0 friends, send message) wrote: 3h 45m ago

_rise_up_ wrote:How can these people be cheats when all they are trying to do is keep what is theirs?

.............

Tell ya what, why don't you open a Swiss account to show your solidarity {snicker}...:-)

=======

I've already converted most of cash to gold and silver bullion for protection against inflation... and I

didn't pay tax on it! SNICKER! And I bought it with unreported taxable income! SNICKER SNICKER!


2/20/2009 8:47:41 PM

Just obtain the list of names and post them for us all to see. We will probably be very surprised howthose who pass the laws, appropriate and spend our money are little affected by the common person's

money woes. Being a multimillionaire don't make you immune to the mess we are in now but it sure

makes it easier than some poor dude or dudette trying to live an $50,000 a year. The country club on

the hill passes legislation that has little to no affect on them because of their wealth. Trust me, nobody

leaves congress broke but most do leave millionaires many times over even if they weren't millionaires

when they got elected to the country club. If you want to investigate corruption, start in the House or

Senate and see what you dig up. It would be a scandal that would shock the American people andsome in the world.


2/20/2009 8:41:59 PM

"It would be interesting to watch who fleas the Country now. You might find that we will have a tough

time filling Board Room seats pretty soon, let's call it the "brain bubble"."

= = = == == = =

They've already been leaving for years. They are not stupid. And Bermuda and the Caymans are soyesterday. The real rich went on to Switzerland. Who wouldn't?

And if I did, it is not your concern whether I have 1 penny or 1 million pennies in my Swiss bank

account.


More comments on this story: 1 234567Next


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