Bearer Bonds Trigger Investigation into UBS Tax Probe
The Securities and Exchange Commission (SEC) is looking into UBS for their sale of bearer bonds. These are bonds that may be transferred without registering ownership and owned by whoever is holding them, rather than having registered owners like most other bonds. Bearer bonds have a stated maturity date and interest rate, but coupons representing interest payments are generally physically attached to the security and must be submitted for payment. These are unregistered securities that may help American customers evade taxes. The sale of the bonds could be deemed potential violations of U.S. securities law and federal Tax Equity and Fiscal Responsibility Act.
UBS agreed to pay $780 million in 2009, after settling criminal charges that claimed the bank helped American customers avoid federal taxes, and sent bankers to the U.S. to help clients capitalize and take advantage of this fact. This led to federal tax charges and individuals who had hidden assets and income in offshore accounts. The U.S. has since cracked down on offshore tax evasion and UBS, after the bank announced a 13% increase in their fourth quarter net profits. If you bought bearer bonds and wish to hear options for suing UBS, please call our law firm at 312-332-4200.
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