Olenicoff Sues UBS and 30 Others for Fraud in Undeclared Income Scheme

On September 16, 2008, Igor Olenicoff, who has pled guilty to tax crimes, sued UBS and more than 30 defendants for fraud and related causes of action, seeking $500 million in damages. Among the defendants are Bradley C. Brikenfeld, Olenicoff’s former senior private banker, and eight current and/or former UBS officials; another Swiss entity (Union Charter, Ltd.), various entities and professionals in Liechtenstein, and an individual residing in Denmark. The complaint alleges that in early 2001 Birkenfeld contacted Olenicoff when Olenicoff worked at Barclays Bank, in which Olenicoff had deposited much of his money. Birkenfeld allegedly approached Olenicoff with a scheme to persuade Olenicoff to transfer his money to UBS with which Birkenfeld had agreed to work....[more]