4,450 Names of Undisclosed UBS Account Holders Released

Posted in Press Releases on November 12, 2010 | Share

The Department of Justice has dismissed pending criminal charges against UBS.  Based on the terms of the DPA between DOJ and the bank, Thorn Law Group believes that UBS has released 4,450 account holder names to the DOJ and IRS.

Washington, DC (PRWEB) November 12, 2010 -- The Department of Justice announced it has dismissed pending criminal charges against UBS, which the DOJ had accused of aiding U.S. account holders evade as much as $20 billion of combined U.S. income taxes.

The Department of Justice confirmed that the dismissal is the result of UBS coming into compliance with an 18-month Deferred Prosecution Agreement (DPA), case no. 09-60033 (U.S. District Court, Southern District of Florida), which began on February 18, 2009.  The DPA included numerous provisions such as financial penalties, but of most concern to U.S. taxpayers, the agreement required UBS to turn over account records of U.S. clients who appear to have committed tax fraud.  In accordance with the terms required by the DPA for the dismissal of all criminal charges against the bank, it is believed that UBS has provided all the necessary account information to the Justice Department. As many as 4,450 U.S. client names may have been disclosed based on the DPA.

According to Washington, DC tax lawyer Kevin Thorn of Thorn Law Group, taxpayers who have already been accepted into the Voluntary Disclosure Program have nothing to fear about these developments, as they have already started the process of coming into compliance before the threat of disclosure surfaced.

Government sources confirm that the Internal Revenue Service and the Department of Justice will be pursuing criminal investigations into to the named individuals that have not already come forward. Any U.S. taxpayers who have not yet disclosed their foreign bank accounts located in any offshore locations, particularly those held at UBS, or who have received a letter from the DOJ informing them of a pending criminal investigation are urged to seek immediate representation from experienced tax attorneys.

If you have an undisclosed offshore account, Thorn Law Group urges you to contact a tax lawyer today. Immediate action and experienced tax law representation is recommended to voluntarily disclose your account in order to avoid criminal prosecution

For additional information on the news that is the subject of this release, contact Kevin E. Thorn or visit

About Thorn Law Group, PLLC:

Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated international tax and financial problems.

Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC

Thorn Law Group

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