Carrick Mollenkamp of the WSJ has an excellent piece here about the widening UBS tax scandal and the use of Hong Kong shelf corporations to facilitate the fraud. Now that the bank has agreed to hand over more names of U.S. taxpayers and increasing numbers of those taxpayers are running to confess to the DOJ, expect new revelations to come in at a fast and furious pace. The article is notable for its intelligent use of plea-related documents filed in U.S. v. John McCarthy. McCarthy is a California-based UBS client who pled guilty on Friday in the Central District of California.
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