The Boston Globe October 28, 2010 reports that two individuals are being charged with hiding funds or income from the IRS in offshore UBS Accounts.
"According to the government’s charges, filed in federal court yesterday, Schober, with UBS’s help, in 2000 established Small Guard Foundation, a Panamanian corporation with no operations. In 2002, he opened a UBS account in the shell company’s name, and over the next five years hid more than $1 million in the account from the US government. Rudolph, the government alleged in a separate court filing, put $1.5 million into an account in his own name with UBS. But to conceal income he might earn on his investments made with the money, UBS helped Rudolph create a shell firm called Lucky Overseas Ventures. He also created another shell company, registered in Hong Kong, the government alleged, and used the funds in both accounts for his own benefit and for his family."
