Pursuits
UBS Sues Billionaire Olenicoff for Filing Failed Tax Lawsuit
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UBS AG, the largest Swiss bank, sued California billionaire Igor Olenicoff for malicious prosecution over his failed legal claim that the company defrauded him into believing the tax crimes he confessed to were lawful.
Olenicoff, who built his fortune as the chief executive officer of Newport Beach, California-based Olen Properties Corp., pleaded guilty in 2007 to filing a false tax return. He admitted that he failed to disclose about $200 million in offshore accounts to the Internal Revenue Service.