Grand jury indicts Swiss bankers aiding tax cheats

SAN FRANCISCO (MarketWatch)
A grand jury has indicted three Swiss bankers for conspiring to hide $1.2 billion in assets from the Internal Revenue Service, the Department of Justice said Tuesday.
Michael Berlinka, Urs Frei and Roger Keller allegedly conspired to open and service dozens of undeclared accounts for certain U.S. clients as they fled from banks such as UBS AG , which were being investigated by the IRS at the time over helping U.S. customers evade taxes.
The accounts were set up under the names of fake corporations and foundations in such jurisdictions as Liechtenstein, Panama, and Hong Kong to help conceal the identities of the U.S. clients, according to the Justice Department. All three defendants currently live in Switzerland