A former UBS banker Martin Lack has surrendered himself to the US authorities to face a 2011 indictment that he joined forces with wealthy Americans to help them evade taxes by hiding accounts in a smaller Swiss regional bank.
The independent investment adviser has reported to US marshals in Miami and was released on a US$750,000 bond and allowed to return to Switzerland upon the consent of the US.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Lack is to face trial on a 25 November in Fort Lauderdale, Florida.
The former banker was indicted with conspiring from 1993 until 2010 to help clients hide assets from the US Internal Revenue Service through accounts at UBS and a Swiss regional bank namely Basler Kantonalbank.
The U.S. authorities have indicted since 2009 about 30 bank employees of various institutions or financial advisor for illegal offshore operations.
According to the allegation Lack has encouraged customers to open undeclared accounts at UBS and Cantonal Bank as Swiss bank secrecy would help U.S. customers to protect their ownership of the accounts.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe former banker asked Renzo Gadola, who also worked for UBS to meet his US clients amid the fears that he would be arrested by U.S. authorities
Gadola and Lack were charged of discouraging taxpayers from joining an IRS program to avoid prosecution by voluntarily disclosing their accounts.
