UBS Adviser, Clients Arrested After Israeli Tax Probe

A senior UBS investment adviser and 13 others have been arrested after an investigation by Israeli tax officials revealed possible wide-ranging tax avoidance by the country’s citizens through Swiss bank accounts, according to media reports Wednesday.

The Israel Tax Authority’s investigation made public Wednesday revealed major Swiss banks currently hold hundreds of millions of euros for Israeli citizens, much of which is suspected to be unreported to tax officials, the Israeli news agency Globes reported.

The investigation is continuing and further arrests are expected.