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Former UBS Paris head placed under investigation

Nov 20 2012 Gerard Bon

The former head of UBS's French arm has been placed under investigation as part of a months-long probe into allegations the Swiss bank aided clients evade taxes, a judicial source said on Monday. Patrick de Fayet was placed under investigation and judicial supervision for allegedly marketing financial placements aimed at allowing subscribers to hide funds from tax inspectors, the source said. He is also being investigated on suspicions of money laundering, the same source added. "UBS does not comment on matters regarding former employees," a spokesman for the bank in Zurich said. "UBS France SA will fully cooperate with the authorities." The Paris offices of UBS were searched in September as part of an enquiry that began in April into the Swiss bank's French wealth management activities. The bank's offices in Bordeaux, Strasbourg and Lyon were searched in July. Concerns about wealthy French citizens trying to shelter their funds from taxes have been on the rise

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