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The article reports that the U.S. Department of Justice has gained the cooperation of former UBS AG banker Bradley Birkenfeld in its investigation of tax evasion by wealthy Americans. UBS is alleged to have been involved with shielding assets from the U.S. Internal Revenue Service through connections in Liechtenstein.

The article reports that Bradley Birkenfeld, a former employee of UBS AG, and financial adviser Mario Staggl, have been indicted by the U.S. Justice Department on charges they aided clients in tax-evasion schemes. The two men offered financial services to the extremely wealthy. The case is expected to lead to more indictments, and will damage private banking services, a core business of UBS.