The New York Post reported today that UBS is facing serious scrutiny by the SEC and the DOJ to determine whether or not the bank aided clients in committing tax evasion from 2000 to 2007. Maybe Wesley Snipes was a client?
Forbes adds that the SEC is also "probing whether Swiss-based UBS client advisers 'engaged in activities in relation to their U.S. domicile' should have registered with the SEC as broker deals or investment advisors."
Oh, and let's not forget that $35 million invested in auction-rate securities that needs to be returned to the people of Massachusetts. Seems UBS, despite its cooperation with authorities, is about to hit even rockier territory. It's a good thing most of the Swiss can ski.