Blog
UBS to stop offshore banking for U.S. residents
Reuters reported today that UBS will no longer provide offshore banking and securities services to U.S. residents. They are also working with the U.S. government to identify U.S. clients who may have engaged in tax fraud. The full article can be read here.
Kun-hee Lee
The former chairman of Samsung will see fines of $ for tax evasion in Seoul.Lee was given a suspension of his three year term. After being ruled innocent of the more serious charges against him, the judge in the case ruled that his crime was not worthy of immediate...
Virendra Rastogi, Anand Jain and Gautam Majumdar
bbc.co.uk reports that the three former heads of RBG Resources will face a combined 25.5 years in jail for stealing $700M from creditors. By creating 300 false clients, they were able to convince banks to give them cash advances. The full larticle can be read here.
I.R.S. Aims to Give Teeth to a Program Meant to Counter Offshore Tax Avoidance
Lynnley Browning writes that the IRS intends to look closer at offshore banking customers to ensure they are paying their US taxes.The program is called Qualified Intermediary, and has been working with foreign banks since 2001recieving taxes that the banks withhold...
Michael and Melissa Spillan
The Spillans and One Equity Companies, are being charged with operating an ongoing fraudulent stock loan program. The Litigation Release can be seen at the S.E.C. website.
S.E.C. to intensify efforts to stop false rumors
Stephanie Clifford and Jenny Anderson report at the nytimes.com that "The Securities and Exchange Commission announced on Sunday that it and other regulators would begin examining rumor-spreading intended to manipulate securities prices." "The issue is...
Du Jun
Du Jun: Ex-Morgan Stanley banker charged with insider trading. While advising Morgan Stanley on the purchase of Citic Resources Holding Ltd. earlier this year, Jun bought 26.7M shares of Citic between Feb. and April, 2007. Aries Poon's Wall Street Journal can be...
Plastech’s Secrets Should Be Exposed
crainsdetroit.com has a good editorial article on Plastech's family compensation payments. You can see it here.