{"id":7660,"date":"2008-05-07T00:00:00","date_gmt":"2008-05-07T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"ubs-faces-us-tax-evasion-probe-employee-detained","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2008\/ubs-faces-us-tax-evasion-probe-employee-detained.html","title":{"rendered":"UBS Faces U.S. Tax Evasion Probe; Employee Detained"},"content":{"rendered":"<p><span class=\"news_story_title\">Bloomberg &#8211; <\/span> UBS AG, reeling from record losses, said the U.S. Department of Justice is investigating whether the world&#8217;s biggest money manager for the wealthy helped clients evade American taxes.             <\/p>\n<p>One senior bank employee was &#8220;briefly detained&#8221; by U.S. authorities as a &#8220;material witness,&#8221; the firm said in an e- mailed statement. The Financial Times reported that the employee was Martin Liechti, the Zurich-based head of UBS&#8217;s international wealth management business for the Americas. Rohini Pragasam, a UBS spokeswoman in New York, declined to comment on the FT report. Liechti could not immediately be reached for comment.     <\/p>\n<p>Clients pulled a net 12.8 billion francs ($12.1 billion) from UBS&#8217;s asset- and wealth-management units in the first quarter, the first withdrawal in almost eight years as the bank&#8217;s writedowns swelled to $38 billion. German prosecutors said in March they&#8217;re weighing a criminal investigation into whether UBS helped clients evade taxes.     <\/p>\n<p>&#8220;UBS has been hit by a perfect storm,&#8221; said Edwin Merner, who oversees $2 billion at Atlantis Investment Research Corp. in Tokyo. &#8220;Clients may run away if they think they&#8217;ll leak information to tax authorities in Germany and the U.S.&#8221;<\/p>\n<p><a href=\"http:\/\/search.bloomberg.com\/search?q=Edwin+Merner&#038;site=wnews&#038;client=wnews&#038;proxystylesheet=wnews&#038;output=xml_no_dtd&#038;ie=UTF-8&#038;oe=UTF-8&#038;filter=p&#038;getfields=wnnis&#038;sort=date:D:S:d1\" target=\"_self\">Read Complete Article<\/a>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; UBS AG, reeling from record losses, said the U.S. Department of Justice is investigating whether the world&#8217;s biggest money manager for the wealthy helped clients evade American taxes. One senior bank employee was &#8220;briefly detained&#8221; by U.S. authorities [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7660","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7660"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7660\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}