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Bradley BirkenfeldAmerican banker and informant
Date of Birth: 26.02.1965
Country:  USA |
Content:
- Early Life and Education
- Banking Career
- Swiss Banking
- Revelation and Arrest
- Whistleblowing Attempts
- Appeal to US Authorities
- - Sentenced in August 2009
- Imprisonment
- UBS Settlement
- - Also paid $200 million to settle charges with the SEC
Early Life and Education
- Born on February 26, 1965, in Brookline, Massachusetts- Attended Thayer Academy and Norwich University in Vermont, graduating in 1988
- Pursued further education in finance, earning master's degrees from the American Graduate School of Business and La Tour-de-Peilz, Switzerland
Banking Career
Early Years- Began his finance career in the foreign exchange department of State Street Bank & Trust in Boston
- Claimed to have made an initial whistleblower report to the FBI in 1994, but the information did not lead to an investigation
Swiss Banking
- Joined Credit Suisse's private banking division in 1996- Moved to Barclays Bank in 1998
- Hired by UBS's private banking division in Geneva in October 2001
Facilitating Tax Evasion
- Responsible for soliciting wealthy US citizens to UBS
- Promoted that transferring funds to UBS would allow clients to conceal assets from the IRS
- Participated in offshore marketing events in the US that violated US laws
- Assisted a billionaire real estate developer, Igor Olenicoff, in creating offshore entities to hide assets and evade taxes
Revelation and Arrest
Discovery of UBS Irregularities- Became aware in 2005 that UBS's dealings with US clients violated its agreement with the IRS
- Learned of an internal UBS memo prohibiting employees from soliciting US citizens for secret Swiss accounts
Whistleblowing Attempts
- Contacted UBS internal compliance in October 2005- Filed a report on UBS's illicit practices with Peter Kurer, UBS's head of legal
Appeal to US Authorities
- Sought cooperation with the US Department of Justice in 2007- Wanted to qualify for whistleblower protection and a reward
Refusal by US Officials
- DOJ declined to grant whistleblower status or immunity
Arrest and Charges
- Arrested in May 2008 at Boston Logan International Airport
- Charged with conspiracy to defraud the US government
Trial and Sentencing
- Pleaded guilty in June 2009
- Despite prosecution's request for 30 months, sentenced to 40 months in prison and a $30,000 fine
- Sentenced in August 2009
- Despite claims of whistleblower status, DOJ maintained it was not granted
Imprisonment
- Began serving his sentence in January 2010- Filed a request for investigation of DOJ handling of the case
Release and IRS Reward
- Released from prison in August 2012
- Received a whistleblower award of $104 million from the IRS in September 2012
- The largest such award in US history, representing 25% of additional tax revenue generated as a result of his disclosures
UBS Settlement
- UBS investigated by the US DOJ in 2008- Settled charges of fraud conspiracy in February 2009, agreeing to pay $780 million in fines
- Also paid $200 million to settle charges with the SEC
- Agreed to disclose the identities of 4,500 US citizens with offshore accounts
