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Bradley Birkenfeld Case

765 Words4 Pages

Abstract Bradley Birkenfeld, who served as a personal banker at the Swiss banking giant UBS, turned in the bank for being involved in illegal activities for which it had to pay a fine of $780 million, modify its banking practices and turn in the records of about 4,450 bankers for which the IRS was suspicious of being involved in tax evasion. However, Birkenfeld refused to disclose his relationship with one of the clients among the bank that was a Californian real-estate billionaire named Igor Olenicoff. When Olenicoff was charged, Birkenfeld was also accused for assisting him. As a result, Birkenfeld had to serve 40 months of jail time while Olenicoff cooperated with investigation and remained free. In this paper we look at whether Birkenfeld had a point in stating that no others went to jail and that his prison sentence was unfair. We will critically analyze why the UBS would have opted to settle with the U.S. government, what the U.S. government would have gained from prosecuting Birkenfeld and would the following move discourage future tax whistle-blowers.
Keywords: Whistle Blowing, Bradley Birkenfeld, UBS Questionable Motives Overview Bradley Birkenfeld had served as a whistle blower by providing evidence to U.S government on the Swiss Banking giant UBS for involvement in fraud and helping …show more content…

government by paying $780 million in fines, turning in records for 4,450 bankers and changing its banking practices, could have a number of reasons for doing so. For Swiss banking Giants that hold money for a large number of clients, holding people accountable rather than reaching a settlement would have been damaging to the reputation of the bank. It would have lost a number of clients who trust the bank to keep their operations confidential. The bank could possibly be involved in larger sums of fraud and to it paying a smaller amount, reaching a settlement would have been more beneficial than being subject to further

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