Former UBS banker charged with Swiss bank fund-hiding

8 August 2011

A former UBS banker has been indicted on charges stating he conspired in the act of helping US clients hide millions of dollars from the Internal Revenue Service.

Gian Gisler was accused of aiding 38 such people to use Swiss banks in order to stow away more than $215 million.

According to the US Justice Department, it has been alleged the industry figure opened and managed more than 60 hidden accounts.

Mr Gisler acted as a client adviser at UBS - which has a heritage stretching back more than 150 years and was charged in 2009 with helping Americans evade tax - from the middle of the 1990s until late 2008 before being employed at a Swiss asset management firm.

A statement from US attorney Preet Bharara read: "From the mid-1990s through at least 2010, Gisler allegedly conspired with various US taxpayers and others to ensure that his clients could hide their Swiss bank accounts."

By Gary Cooper

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