Tax Evasion Case Against UBS Client
An US Justice Department official has said that a client of the Swiss banking major, UBS, will be tried for tax evasion in Florida. This is the first time that such a case has come up involving a UBS client.UBS acknowledged that it helped US clients to evade tax by concealing their assets.UBS has agreed to pay $780 million as fine and has also agreed to identify the US clients.