UBS On Verge Of Beating Developer's Tax Fraud Suit

Law360, Los Angeles (April 9, 2012, 4:51 PM EDT) -- Billionaire real estate developer Igor Olenicoff can't sue UBS AG over charges stemming from his failure to disclose more than $180 million in offshore accounts because he already admitted that he knowingly filed false tax returns, a California federal judge indicated Monday.

Olenicoff, the president of Olen Properties Corp., was sentenced to two years probation and ordered to pay $52 million in back taxes, fines and other penalties after pleading guilty in October 2007 to felony tax fraud. He sued UBS in 2008 claiming that the...
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