Quantcast
Channel: Compliance Complete North America
Viewing all articles
Browse latest Browse all 13886

Former UBS banker fined in Switzerland for handing data to U.S.

$
0
0
A former banker at Switzerland's biggest bank, UBS, has been found guilty of handing over protected Swiss bank account data to the United States, according to a penalty order issued by the Swiss prosecutors' office. According to the order the banker, Renzo Gadola, was found to have breached Swiss data privacy laws but not its banking secrecy laws which the U.S. authorities have long tried to penetrate in their pursuit of suspected tax evaders. A lawyer for Gadola declined to comment on the matter. Gadola, who worked at UBS from 1995 to 2009, pleaded guilty in the United States in 2010 to conspiring to defraud the Internal Revenue Service and in 2011 was sentenced to five years' probation and fined $100. But Gadola started cooperating with U.S. officials almost immediately after his arrest in 2010, providing insight into other bankers and Swiss financial institutions offering offshore banking services, according to prosecutors at the time of his sentencing in 2011. As a result

Viewing all articles
Browse latest Browse all 13886

Trending Articles