The hits keep coming for UBS AG as they announced yesterday the firm is under investigation for tax evasion by federal prosecutors and regulators to determine if the firm assisted U.S. clients evade taxes through an esoteric form of investments called "bearer securities."
This most recent investigation is six years after UBS paid nearly $800 million dollars while agreeing to a deferred prosecution agreement to resolve similar allegations. Notice of the investigation was first reported by The Wall Street Journal when the publication released the firm's fourth quarter earnings report.
This latest bit of bad news for UBS comes on the heals of the growing problem with the firm's Puerto Rico unit and the marketing of proprietary closed-end bond funds (see yesterday's blog). If you have lost money as a result of a recommendation by a unit of UBS AG, please contact the experience securities fraud attorneys at Colling Gilbert Wright & Carter for a free case evaluation.