Federal prosecutors have begun a new investigation into whether Swiss bank UBS AG helped Americans evade taxes through bearer securities banned in the U.S. UBS settled a prior case for $780 million for allegedly using bearer securities to hide assets and evade taxes. Bearer securities act like cash, allowing whoever holds the certificate to anonymously claim its value.
UBS was recently served with a subpoena from authorities related to the matter, according to people familiar with the case. Prosecutors and FBI agents recently traveled to London to interview potential witnesses, the people said.
Jeffrey Newman represents whistleblowers
