US indicts former UBS banker

The United States has indicted an ex-UBS banker for providing offshore tax-evasion services to rich Americans.

This content was published on August 2, 2011 - 21:21 and agencies

On Tuesday, Martin Lack was charged with one count of conspiracy to defraud the US. The Swiss national had headed UBS’s North American business targeted at wealthy clients until 2003.

Tax authorities estimate that Swiss banks helped Americans hide billions in undeclared offshore accounts.

Meanwhile, a US Justice Department investigation has Credit Suisse in its sights. Several of its bankers have been indicted, and US officials sent a letter last month to inform the bank that it was under criminal scrutiny.

UBS avoided indictment in 2009 by agreeing to pay a fine of $780 million ($600 million) as well as admitting wrongdoing and providing a list of client names.

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at

Share this story

Change your password

Do you really want to delete your profile?