Swiss prosecutors are investigating former UBS banker Renzo Gadola, who was arrested in for advising wealthy Americans on ways to hide their money from US tax authorities.
The investigation will mainly focus on industrial espionage and centre on Swiss bankers who have cooperated with foreign officials being pursued by prosecutors for violating the country’s strict banking secrecy laws, reported Reuters.
The Swiss prosecutor had referred an investigation over Gadola stating that he would be the first Swiss banker to be trailed in Switzerland over charges of industrial espionage for the United States, according to Swiss business paper Handelszeitung.
Gadola has worked at UBS from 1995 to 2008, pleaded guilty to charges of conspiracy in December to defraud the US.
According to prosecutors, Gadola has started cooperating with U.S. officials following his arrest in 2010, providing insight into other bankers and Swiss financial institutions offering offshore banking services.
Gadola has turned over the names of bankers and participated in recorded conversations with clients.
Gadola has been sentenced to a maximum of 16 months in prison though federal prosecutors had sought leniency but still requested five months’ prison time and a fine of US$100.
"The investigation is underway. Because it is confidential, we cannot give any information on the nature, status or progress of our investigation," said a spokeswoman for Switzerland’s prosecutor.