UBS wealth head allowed to leave United States

UBS AG Wealth Management Americas chief Martin Liechti has returned to Switzerland more than three months after he was detained in the United States by the Department of Justice under a material-witness warrant to determine the bank’s role in helping American clients evade taxes (InvestmentNews, May 7) . “UBS is pleased to report that Martin Liechti has resolved his status with the U.S. government and returned to Switzerland,” UBS said in a statement today. “UBS and Martin Liechti have no further comments at this point in time.” The Zurich, Switzerland-based bank has been under investigation for helping wealthy U.S. clients avoid taxes by hiding funds in Switzerland and Liechtenstein. Former UBS banker Bradley Birkenfeld pleaded guilty to his role in the tax scheme in late May (InvestmentNews, May 30) .