PARIS | The Latest: French court fines Swiss bank UBS $4.2 billion

PARIS (AP) — The Latest on the trial of Swiss bank UBS in France (all times local):

2:10 p.m.
A Paris court has ordered Swiss bank UBS to pay 3.7 billion euros ($4.2 billion) in fines for helping wealthy French clients evade tax authorities.

The criminal court convicted UBS on Wednesday of aggravated money laundering and illegal bank soliciting. French media reported that the huge fine was a record sum for a bank in France.

One of the world’s largest wealth management banks, UBS says there is no evidence of wrongdoing and that the case was politically driven.

Investigators say the Swiss bank sent employees to solicit wealthy executives or athletes during sport or music events in France, urging them to place their money in Switzerland. The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted to some 10 billion euros ($10.75 billion).


8:45 a.m.
Swiss bank UBS faces a potential multibillion-euro fine as a Paris court is set to deliver a verdict on charges it helped wealthy French clients evade tax authorities.

The ruling in the exceptional case will be announced Wednesday afternoon by a French criminal court.

One of the world’s largest wealth management banks, Zurich-based UBS AG is charged with illegal bank soliciting and aggravated money laundering. Its French subsidiary and five top UBS managers are also on trial.

UBS denies wrongdoing.
Investigators say the Swiss bank for years sent its employees to solicit wealthy businessmen or athletes during sport or music events in France, urging them to place their money in Switzerland. The assets illegally concealed by French clients in Switzerland in 2004-2012 allegedly amounted some 10 billion euros ($10.75 billion).

By Associated Press