Swiss banker, lawyer face U.S. tax charges in probe

A Swiss banker and a lawyer are the latest to face U.S. criminal charges in a wide-ranging international tax evasion investigation.
AUG 20, 2009
By  Bloomberg
A Swiss banker and a lawyer are the latest to face U.S. criminal charges in a wide-ranging international tax evasion investigation. Banker Hansruedi Schumacher and attorney Matthias Rickenbach were charged today with conspiring to defraud the U.S. It wasn't immediately clear if the two Switzerland-based men had been arrested or had hired lawyers. Schumacher is a senior executive at Swiss bank NZB. Prosecutors claim he encouraged U.S. customers at Swiss banking giant UBS AG to transfer assets to NZB to avoid scrutiny. A Swiss-U.S. settlement announced Wednesday calls for UBS to divulge some 4,450 names of American clients suspected of evading taxes. Schumacher and Rickebach are charged with using false documents and sham entities to hide client assets.

Latest News

Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says
Married retirees could be in for an $18,100 Social Security cut by 2032, CRFB says

A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.

SEC bars New Jersey advisor after $9.9M fraud against Gold Star families
SEC bars New Jersey advisor after $9.9M fraud against Gold Star families

Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.

Navigating the great wealth transfer: Are advisors ready for both waves?
Navigating the great wealth transfer: Are advisors ready for both waves?

After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.

UBS Financial loses another investor lawsuit involving Tesla stock
UBS Financial loses another investor lawsuit involving Tesla stock

The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.

Trump's one big beautiful bill reshapes charitable giving for donors and advisors
Trump's one big beautiful bill reshapes charitable giving for donors and advisors

An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.