Former UBS Banker Receives Five Years Probation For Aiding in Tax Evasion

Renzo Gadola worked for Swiss bank UBS AG from 1995 to 2008 and was arrested on November 8, 2010 on charges of conspiracy to defraud the United States after he helped wealth American’s avoid paying U.S. taxes on assets held in off-shore trusts. Gadola pled guilty and began cooperating with U.S. officials’ criminal investigation into Swill and international banks suspected of helping Americans evade paying U.S. taxes.

Gadola provided U.S. authorities with information on other banks and Swiss financial institutes that offered offshore banking services, and Gadola participated in recorded conversations with clients. As a result of Gadola’s cooperation, U.S. officials learned of the Swiss cantonal banks’ role in holding undeclared offshore accounts.

On Friday, Gadola was sentenced to five years probation, though the court could have sentenced him to a maximum of sixteen months in prison. According to a government document, Gadola has “indicated he wishes to continue to cooperate with the government after he is sentenced, and will assist in other grand jury investigations and testify at the trials of his former customers and colleagues, if necessary.”

See Renzo Gadola, Ex-UBS Banker, Sentenced For Aiding U.S. Tax Evasion, The Huffington Post, Nov. 20, 2011.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm)for bringing this to my attention.