Finance
UBS Questioned by Senator Over $350 Million Tax Evasion Case
- Wyden asks about Credit Suisse ties to man arrested in Spain
- UBS also queried over undeclared accounts of US clients
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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 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.