Issue 05
UBS ATTEMPTS TO SLEEZE UBS CLIENTS BY REJECTING BERNIE MADOFF COMPLICITY
Financial Times reports: “UBS seeks to deny duty over Madoff funds. UBS sought to absolve itself from any duty to safeguard investor assets in a $1.4bn fund that channeled money into Bernard Madoff’s alleged $50bn Ponzi scheme. The Swiss bank used an agreement that denied it was responsible for the assets – even though its marketing documents claimed it would be.” E1 When will UBS end its sleaze and resulting US crime wave? The UBS client victims list is allegedly longer than that of UBS business associate Bernie Madoff.
UBS PROMOTED BERNIE MADOFF TO UNSUSPECTING UBS CLIENTS
Associated Press reports: “Luxalpha board member Rene-Thierry Magon de la Villehuchet committed suicide last month when he lost $1.4 billion (euro1 billion) that he had invested with Madoff. Both Luxalpha and Luxinvest were promoted by Swiss bank UBS.” E2 Time and time again UBS denies complicity only to be found out later. How long is this going to go without prosecution?
IS MADOFF GOING TO COP A PLEA BY INFORMING ON UBS AND OTHERS?
A judge has repeatedly rebuffed Madoff detractors and prosecutors over sending Bernie to jail instead of his luxury cooperative confinement. This is further perplexing in that the predominance of victims and the judge are Ashkenaz Jews. It is now being said that a prison softened Bernie will be working with the Federal government allegedly against UBS and other direct and indirect associates.
“INTERIM” LEAVE UBS US CHAIRMAN BECOMES FUGITIVE FROM US JUSTICE
Bloomberg reports: “Raoul Weil… was declared a fugitive by a U.S. judge. Weil, 49, former chairman of global wealth management at UBS in Zurich, was indicted Nov. 6 in Fort Lauderdale, Florida. UBS, the largest Swiss bank, helped wealthy American clients evade taxes with false documents after agreeing in 2001 to identify account holders and tell the IRS about their income, the U.S. alleged. The Justice Department has been probing whether … UBS failed to register as a broker-dealer or investment adviser. … UBS said Nov. 12; the day the indictment against Weil was unsealed, that it was replacing him on an interim basis. Weil faces as long as five years in prison as well as a fine of $250,000 if convicted. The case is U.S. v. Weil, 08-60322, U.S. District Court, Southern District of Florida (Fort Lauderdale).” E3 Now that Raoul Weil will not be coming back from “interim” leave, we do not know if UBS Chairman Hoekstra will be a US Federal witness against UBS.
DO SWISS BANKING AUTHORITIES SPEAK IN FLUFFY TERMS?
The Washington Post said: "Dictators, drug dealers and tax evaders can and do use false names or send relatives or friends to do their banking.... Swiss Banking Commission ... managing director (said) 'There is no excuse to take money from someone who is known to be corrupt." E4 The list should include the child sex trade industry as well as political operatives. UBS has allegedly thrived from hiding criminal gains. UBS is out of control and continues its criminal activity, despite Swiss Banking Commission silly proclamations.
UBS ALLEGEDLY USES DIFFERENT SCAM TO KEEP US OFFSHORE ACCOUNTS
Reuters reports: “The Swiss bank decided in July last year to stop offering offshore accounts to U.S. citizens after it was targeted by a U.S. tax investigation which challenges Switzerland's famous banking secrecy laws. U.S. prosecutors have alleged UBS helped clients hide $18 billion of untaxed American money in undeclared accounts. This amounts to around $300 million of annual unpaid taxes, the newspaper said…. UBS spokesman Serge Steiner said the decision to close offshore accounts for U.S. domiciled clients was taken in November 2007. The bank started last year to close cash accounts of U.S. clients holding less than 50,000 Swiss francs ($45,660), he added. … As part of the investigation, U.S. authorities indicted UBS's wealth management chief (Raoul Weil) last year. UBS, which U.S. authorities say helped wealthy Americans hide cash in offshore bank accounts, will shut about 19,000 offshore accounts, the paper said, quoting unnamed U.S. clients. NO TIMEFRAME E5 Reliable sources have told us that UBS allegedly has already partially facilitated the new scam more time will be needed to fully implement it, hence NO TIMEFRAME.
UBS BANKERS SECRETLY TRAVEL IN US TO PEDDLE OFFSHORE ACCOUNTS
ABC News reports: “One UBS banker, Bradley Birkenfeld, pleaded guilty last month and admitted to smuggling cash and diamonds for Americans trying to hide their wealth from the IRS. In federal court documents obtained by ABC News, federal prosecutors allege that Birkenfeld's bank trained bankers traveling to the US in ‘techniques to avoid detection’ by law enforcement authorities, ‘including training bankers to falsely state on customs forms that they were traveling into the United States for pleasure and not business’. Prosecutors say part of the Swiss bank scam was for the bank managers to have a third party who would set up sham entities for the US clients in tax havens, such as Panama or the British Virgin Islands, and pose as the owners of the entities. ‘By concealing the US clients' ownership and control in the assets held offshore,’ the prosecutors say the Swiss bank and its managers ‘defrauded the IRS and evaded United States income taxes.’ E6 Perhaps an excellent investment would be to short UBS stock.
COULD UBS BE CONSIDERED PART OF THE INTERNATIONAL CRIMINAL CARTELS?
ABC News reports: “Senate Hearing Has All the Trappings of Mafia Investigation. Another witness, Martin Liechti, also took the fifth rather than answer questions from the panel on his bank's practices. Liechti, head of wealth management for North and South American clients for Swiss bank UBS, was briefly detained in May by the U.S. Justice Department as part of its investigation into tax evasion.” E7 Some witnesses who are appearing before the Senate hearings are afraid for their lives. One witness appeared as a shadow to protect his identity. The US Federal witness protection program is being provided to witnesses who are afraid of being harmed by UBS.
UBS US CRIMINAL DECEPTION!
ABC News reports: “In one case, court documents noted, "At the request of a U.S client, defendant Birkenfeld (UBS banker) purchased diamonds using the U.S. client's Swiss bank account funds, and smuggled the diamonds into the United States in a toothpaste tube.” In Olenicoff's case, Birkenfeld organized the transfer of $60 million and a 147-foot yacht though an offshore account. Since the account was listed as a foreign entity, UBS did not report the transfer of funds to the IRS.” E8 So much for US Customs and Immigration security! If UBS can successfully smuggle contraband into the US, what is to keep terrorists from using the same methods? UBS is allegedly banker to many within international organized crime who may be called upon for a favor. We believe the US Federal government has an absolute duty to protect US citizens, especially whistleblowers from UBS retaliation.
UBS PAYS EMPLOYEES FOR CRIMINAL CONDUCT!
HuffingtonPost reports: “When the judge asked why he had helped conceal assets he said he was employed by UBS and "paid a large salary" to "incentivise" him. Asked if his actions at the time worried him, Birkenfeld responded that he "did have doubts" and that he later resigned from the bank.” E9 UBS is conditioning employees to employ criminal tactics when necessary, to get the job done. UBS also uses fear and threats (see issue 2). We see this pattern throughout our issues. UBS has to have had pretty good insider connections within the Bush and Clinton administrations to consistently avoid prosecution for their US crime wave. We just hope Obama lives up to his word and criminally prosecutes the UBS perpetrators with a vengeance.
Letters to the Editor
Editor:
I read your issues with interest. I believe there are heads that are going to roll, literally. In the intelligence profession one is “accidented” like another Swiss banker Edmond Safra in Monte Carlo by the Russian oligarchs. They created two fires simultaneously in France to scatter the Monaco fire department in conjunction with Safra’s fire. This was ignored by international media, for some reason. Roberto Calvi was “suicided” under a London bridge with bricks in his pockets but no traces on his hands. Only a boat could have gotten him up. None of the perpetrators are ever named little less caught. There are many cases where the crime is never published. If UBS continues on their path we will be reading about a major officer example being accidented or suicided. Maybe more than one example is needed.
Intel Friend
Dear Editor:
These UBS guys are playing a dangerous game with dangerous people as offshore clients. They are naming names in the usual XX to save their own necks. We have heard the fix is in for light Washington prosecution for their crimes against US taxpayers. We will find out who is involved and get back to you for a scoop. We do know Bush cronies are committed to it. Obama is on record as wanting a severe prosecution but, for the most part, his teams are retreads from the Clintons.
Another NPC member
Dear Editor:
You have saved several of our brokerage clients from defecting to UBS. We just told our clients to read your site. You deserve a comish from our firm and we all know it. We want to take out advertising so we can keep your site alive and well. We can stop UBS in its tracks with your site. Tell us what to do?
The Brokers
Editor:
We are financial advisers who are concerned with what UBS has been doing to our profession. Could we have US regulators talk to mentioned senior citizens whose estates have been looted by UBS?
Managers, NYC
Director:
We love what you are doing but why pick solely on UBS. The others are just as bad as UBS. What about Lehman and Bear Stearn? Why not mention Madoff and Israel? What gives?
San Fransisco, CA,
Editor:
In the intelligence business one of the foremost strategies is to follow the money. We know so much of what goes on in Washington that it hurts. We have to defend these “political operatives”. We sometimes have to pay with are career like Valerie Plame and sometimes we have to make the supreme sacrifice, death. Your group is exposing one of the foremost players in the Washington off shore money game. UBS has the Washington “get-out-of-jail-free card.
Intel Man, Virginia
Dear Readership:
Our newsletter has successfully been supplying information to the US Government Services (GS) careerists at the United States Internal Revenue Service (US IRS) for more than a decade. We have also assisted revenue collection agencies throughout the world in their quest to halt tax evasion. We ask for and receive in various forms of information, which has enabled us to expose criminal activities. It is said the Union Bank of Switzerland (UBS) has implemented the most flagrant criminal and civil abuses incurred within the US international banking system. We believe UBS has a mean culture so engrained as to make it unfit to conduct business.
The two most sought after items by US campaign contributors are stifling of SEC and IRS compliance. Recent presidencies have been successful in penetrating the ethics of both the SEC and IRS with the use of their political appointees (C5s), at the expense of honest hard working careerists (GSs) and the US taxpayer. Thus, the likes of UBS have been able to successfully solicit wealthy US citizens to UBS offshore US tax avoidance. This has happened at the very same time UBS received bailout money from the Swiss Government political operatives to compensate UBS for their questionable US mortgage lending practices. Reliable Washington sources have said UBS has a competitive advantage over its US competitors because of their willingness to do favors outside the US for Washington political operatives. Did UBS have an undisclosed hold over the Bush and Clinton families, their associates and their presidencies? Why does UBS still have a Washington 'get out of jail free' card? In deference to UBS, they know more than their competitors where the Washington political operatives’ offshore accounts are located. UBS is just taking advantage of that knowledge to their benefit.
Director@internalrevenue.com