UBS Sues Billionaire Developer Over Offshore Tax Advice Row

Law360, New York (August 14, 2012, 7:53 PM EDT) -- UBS AG last week accused billionaire California real estate developer Igor Olenicoff of malicious prosecution over his now-dismissed suit claiming the bank provided bad tax advice that contributed to his conviction for tax fraud over $180 million in offshore accounts.

In a complaint filed Aug. 7 in California state court, UBS said the suit filed by Olenicoff, president of Olen Properties Corp., was a malicious ploy to shift the blame for his own misconduct to UBS.

"There was no probable cause to pursue these claims, which...
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