UBS

UBS has had its share of recent run-ins with the SEC and other federal regulators. Now, it has settled yet more charges – this time for $300,000. 

A million here, a million there, and soon you’re talking real money. That’s probably what UBS, and its shareholders, are thinking. You can put “UBS” into the Search Box on this page and you’ll find a host of entries, including: 

You can put “UBS” in the search box on this page and find all the times that we’ve discussed the troubled bank in recent weeks and months.

As if UBS doesn’t have enough problems! Now it turns out that UBS (through its affiliate, UBS Securities LLC) has a “short sale” problem, too. 

Last week, UBS announced that it had discovered unauthorized trading in its Investment Bank and estimated that it was going to suffer a loss of $2 billion. According to UBS, the trading was conducted by a trader in its Global Synthetic Equity business in London.

The Manhattan U.S. Attorney’s Office has indicted another ex-UBS banker in a Swiss bank account case. 

That did not take long. Earlier this month, Renzo Gadola, a former UBS banker, was charged with conspiring to defraud the U.S.. According to the feds, Gadola had been arrested in Miami, Florida, after having met with a client at a Miami hotel and attempting to persuade that client to not disclose to the U.S. that the client owned and controlled a bank account at Basler Kantonalbank, a regional bank headquartered in Basel, Switzerland. 

Felix M. Mathis, an attorney practicing in Zurich, Switzerland, has been indicted by the U.S. government on grounds that he conspired to defraud the United States and structured the importation of currency into this country. If convicted, Mathis faces a maximum sentence of 25 years in prison and a maximum fine of $1.25 million. 

The federal government today charged seven individuals with collectively hiding more than $100 million from the IRS by using sham companies to conceal their ownership of secret Swiss bank accounts held at UBS AG. 

Just yesterday, we pointed out that a UBS client pleaded guilty to concealing over $1 million in Swiss bank accounts. Today, another UBS client has pleaded guilty to tax fraud. In this case, Paul Zabczuk, a resident of The Woodlands, Texas, pleaded guilty to filing a false tax return.