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16 Sep 8:07 pm
UBS AG must post a $35.6 million bond, says Superior Court Judge John Blawie. Blawie says that hedge
fund Pursuit Partners, LLC has ... the CDOs would become "financial toxic waste." The securities fraud lawsuit claims that UBS new that Moody's
was going to change its rater's methodology but that the investment bank ... value immediately fell. Pursuit contends that it suffered a $35.6 million loss as a result of
UBS concealing the non-public data it had about the CDOs investment grade rating dropping. ...
16 Jan 7:35 am
... evasion and international tax avoidance schemes have been priorities of the IRS and its IRS Whistleblower Program, as our whistleblower lawyer blog has followed repeatedly. This
week, the U.S. prosecution of the former head of UBS AG's wealth management business, Raoul Weil,
took a strange turn as he failed to surrender himself and was declared a fugitive. Weil allegedly conspired to help 17,000 American taxpayers conceal approximately $20 ...
10 Sep 9:00 pm
Juz. Nac. Com. 21, secretaría 41, 23/06/03, Sniafa S.A.I.C.F. e I. c. Banco UBS AG. Sociedad
constituida en el extranjero. Sucursal en Argentina. Cancelación. Prueba confesional. Notificación en el domicilio real. Improcedencia. Ley de sociedades: 122. Publicado por Julio
Córdoba en DIPr Argentina el 11/09/09. 1º instancia.- Buenos Aires, 23 de junio de 2003.- Y vistos: En la audiencia de la que da cuenta el acta ...
30 Oct, 2008 11:10 pm
... 's Office says it has reached a $6.5 million settlement agreement with former UBS AG co-general
counsel David Aufhauser over insider trading charges. Aufhauser ... personal auction-rate securities holdings because of inside information he received regarding UBS's crumbling auction-rate securities market. Among other allegations included in ... Attorney General filed in New York State Supreme Court on July 24,
2008: • A UBS executive received an e-mail on December 14, 2007 from the company's chief risk ...
12 Aug 4:51 pm
... Ong (about $350,000 in client losses) The investigation into the activities of a number of former UBS brokers is ongoing. Closed-End Funds
Closed-End Funds are investment companies ... short-term trading of CEF's. FINRA claims that Merrill Lynch and UBS did not have the proper
supervisory procedures and systems in place so ... properly train registered individuals. Due to this improper supervision, brokers for Merrill and UBS recommended that certain clients engage in short-term sales of CEF's bought ...
13 Feb 7:19 am
In the US District Court for the Southern District of New York, UBS AG was named as a defendant in a
class action lawsuit alleging that the company engaged in a tax scam designed to help rich US investor avoid federal taxes. The ... misleading and false because while UBS was providing these reassurances to investors, it was in fact engaged in its tax evasion scam. In addition to UBS, defendants in the class action case include Marcel Ospel, Phillip Lofts, Peter Wuffli, Mark Branson, Peter Kurer, ...
8 Jul 10:00 pm
... S. Department of Justice were granted court permission to serve a "John Doe" summons on UBS AG.
This summons was supposed to help the IRS identify assets and / or undeclared revenue hidden ... tax cheats. As I stated in my February 27, 2009 "Asset Search News Roundup",
UBS must consider Swiss bank secrecy laws, (a.k.a. professional secrecy laws), ... Romy On Swiss Law", filed April 30, 2009. Through these
declarations, UBS argued that it would be violating Swiss bank secrecy laws if it fully complied ...
9 May, 2008 8:02 am
... to hold the securities as of Feb. 13, 2008. The class action lawsuit, Bonnist v. UBS AG, et al.,
08 CIV 4352, is pending in the U.S. District Court ... mutual funds. On Feb. 13, 2008, all of the major broker-dealers, including UBS, withdrew
their support for the auctions. The suit claims that, as a result, investors have been ... dates. • The auction rate securities were only liquid at the time of the sale because
UBS and other broker-dealers were artificially supporting and manipulating the market to ...
19 Feb 11:16 am
... reports that the U.S. has just filed a lawsuit in Federal court to force UBS AG to disclose the
names of over 50,000 American taxpayer-investors. The company ... those customers. The lawsuit comes a day after the Justice Department struck a deal with UBS to get access to some of its customers who used Swiss bank secrecy law to hide ... government's lawsuit, the accounts in question held about $14.8 billion
in assets in the past decade. For more on the UBS AG, Department of Justice deal see Bad News ...
20 Jan 3:25 am
... fraudulently inducing Hutchinson to purchase millions of dollars in auction rate securities (ARS). Hutchinson Technology Inc. v. UBS
AG, et al., No. 08-CV-6038 (D. Minn.). In its complaint, Hutchinson alleges that UBS ... were not
specifically permitted (specifically those issued by student loan organizations). Interestingly, the complaint specifically addresses UBS'
August 2008 settlement with regulators (the "Settlement") and essentially argues that the Settlement is insufficient as it applies to ...
2 Sep, 2008 3:03 pm
... Services Senior Vice President Timothy Flynn has been asked to show that the UBS AG subsidiary
falls under the federal whistleblower statute. According to Flynn's ... there were liquidity issues brewing within the auction-rate securities market, UBS financial services retaliated by locking him out of his office, preventing staff ... members from interacting with him, and suspending him from his job.
Last May, UBS Financial Services said it would return $37 million to the Massachusetts Turnpike Authority ...
25 Jul, 2008 7:18 pm
... New York Attorney General Andrew Cuomo filed a civil fraud lawsuit against UBS alleging the banking behemoth knew the auction-rate
securities market was on the verge of collapse when ... solid. Cuomo said in a press release issued by his office: "Not only is UBS guilty of
committing a flagrant breach of trust between the bank and its customers, its top ... on behalf of persons who purchased auction rate securities from UBS AG (NYSE: UBS), UBS
Securities LLC and UBS Financial Services Inc. between May 8, ...
19 Feb 7:25 am
Reuters reports that Swiss Bank UBS AG will give the U.S. Department of Justice the names and account
information of it's customers: In an unprecedented move, UBS, based on an order by the Swiss Financial Markets Supervisory Authority (FINMA),
agreed to immediately provide the U.S. government with the identities of, and account information for, certain United States customers, the department said. UBS has been assessed penalties, ...
25 Feb 4:22 am
... disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department. The lawsuit accuses UBS and
Switzerland's financial regulator, the Swiss Financial Market Supervisory Authority, or Finma, of violating ... of conducting what Swiss law considers illegal activities with foreign
authorities. It also named Peter Kurer, the chairman of UBS, and Eugen Haltiner, the chairman of Finma, as defendants. The suit, filed by a
lawyer in Zurich, Andreas Rued, on behalf ...
18 Nov, 2008 2:18 pm
Last week I wrote about the cross-border woes of Swiss banking conglomerate, UBS AG - U.S. Indicts
Swiss Executive for Foreign Bank Account Tax Evasion. This is from Lynnley Browning of the International Herald Tribune: Under pressure from the authorities, UBS is considering whether to divulge the names of 20,000 of its well-heeled U.S. ... Related Articles, Blogs and Sites: Revised IRS Voluntary Disclosure
Practice - IRS UBS Cheats Can Still Come Clean- Janet Novack, Forbes Bookmark & ...
7 Oct, 2008 5:59 pm
... pretty sterling resume: general counsel of the Treasury Department official; former general counsel for UBS AG's investment bank; partner at Williams & Connolly; graduate of elite ... MBA). Today, that resume picked up a bit of a smudge: a settlement with New
York AG Andrew Cuomo over allegations of insider trading in the auction-rate securities market. ... pay to the state of New York his entire
2008 incentive compensation package from UBS of $6 million plus a $500,000 penalty. He has also agreed ...
31 Jul 7:30 am
... a massive tax-evasion investigation, UBS AG and the governments of Switzerland and the U.S. have
reached a settlement that could force UBS to turn over identities of ... 't detail the settlement in a conference call with Judge Alan Gold
that included lawyers for UBS and the Swiss government. A hearing scheduled for Monday in Miami was postponed until Aug. ... Service has
demanded the identities of 52,000 U.S. account holders at UBS. UBS and the Swiss government have
claimed that turning over those names ...
18 Feb 4:38 pm
... ongoing investigation of UBS for its activities, which took a major turn today. Today, the government announced that UBS AG, Switzerland's largest bank, has admitted to helping U.S. taxpayers hide accounts from the IRS. ... to
defraud the United States by impeding the IRS. Based on an order by the Swiss Financial Markets Supervisory Authority (FINMA), UBS agreed "to
immediately provide the United States government with the identities of, and account information for, certain United States customers ...
19 Feb 3:49 pm
UBS AG, has agreed to pay $780 million in order to avoid prosecution for conspiring to commit tax
fraud in violation of 18 USC 371. UBS entered into ... Justice, but that letter is under court seal. Ominously, the information filed against
UBS referred to some of the 20,000 U.S. account holders as "unindicted co- ... assert its defenses in the summons enforcement proceeding. There
has been some speculation that UBS is only turning over the names of about 250 clients that are known to have committed "tax ...
10 Sep 7:16 am
By CARRICK MOLLENKAMP and SERENA NG A Connecticut judge ordered UBS AG to set aside $35.5 million to
cover a potential judgment against it in a case involving complex debt securities that the firm's ... to post security while a case is pending, nothing more. The decision is not a
decision on the merits or a prediction of the outcome of the case. UBS is confident that it will prevail on the merits of the case." Michael
Burg, an attorney for Pursuit, said: "Cities, pension funds and investors have lost ...
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