NEW YORK, Nov. 25, 2009 (GLOBE NEWSWIRE) -- The law firm of Napoli Bern Ripka, LLP is currently investigating tax evasion claims against UBS AG on behalf of customers that were allegedly defrauded. The U.S. Attorney has accused UBS of helping more than 52,000 clients evade taxes in offshore accounts. The bank has agreed to pay $780 million in fines, interest, and restitution to avoid U.S. prosecution on tax evasion charges. UBS lured clients into believing the bank's practices were legal. UBS' representations caused many of its clients to perform illegal acts resulting in severe legal penalties.
UBS allegedly set up sham shell companies, offshore trusts, and other fraudulent vehicles to funnel cash into Switzerland. UBS banking operations generated $200 million in fees each year providing a strong incentive to ensure that the $20 billion in assets owned by U.S. individuals stayed in UBS hands.
The U.S. and UBS reached an agreement where UBS would provide 4,450 accounts where there is a reasonable suspicion of tax fraud. The agreement caused 14,700 Americans, worried about a U.S. crackdown on offshore tax evasion, to voluntarily disclose information about their offshore accounts under a government sponsored amnesty program.
Many UBS clients had a legitimate need for an offshore company and did not intentionally withhold taxes from the IRS. UBS customers come from many different backgrounds and circumstances. The bank's clients include Holocaust victims and heirs who inherited money in such accounts. The representations made by UBS were allegedly false and have now subjected UBS' clients to criminal prosecution for tax evasion as well as stiff fines and penalties from the IRS.
Napoli Bern Ripka fights for investors who can't fight for themselves. The law firm of Napoli Bern Ripka, LLP has obtained over $1.5 billion dollars in verdicts and settlements for its clients. The firm is currently representing over 250 securities claims throughout the United States on behalf of individual investors and institutional clients.
The firm does not charge a legal fee unless it recovers money for its clients. Investors can obtain a free consultation by contacting the firm's Securities Arbitration and Litigation Department at (212) 267-3700 ext. 115.
* No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.