UBS questioned by US Senator over $350 million tax evasion case

UBS Group AG was asked by a powerful US lawmaker about whether the bank it acquired, Credit Suisse Group AG, failed to report an American accused of evading taxes on $350 million (CHF307 million) in income. Senator Ron Wyden, chairman of the Senate Finance Committee, asked in a letter whether Credit Suisse told US tax authorities about accounts held by Douglas Edelman, a former military contractor who sold $7 billion of jet fuel to the US for use in military campaigns in Afghanistan and the Middle East. Edelman and his wife, Delphine Le Dain, were accused in an indictment unsealed July 3 of hiding his profits from the Internal Revenue Service for nearly two decades in one of the largest tax evasion schemes in US history. He was arrested that day in Spain and faces extradition to the US, the Justice Department said at the time. + Read more: 2024 a ‘critical year’ for UBS-Credit Suisse merger The indictment offers “substantial new evidence that Credit Suisse and its employees played ...