U.S. District Judge Issues Tentative Opinion Rejecting Olenicoff’s Lawsuit Against UBS

U.S. District Judge Andrew Guilford in Santa Ana, California issued a “tentative” opinion rejecting Olenicoff’s lawsuit against Swiss bank, UBS.

Olenicoff, who pleaded guilty to filing false tax returns and failing to report nearly $200 million in offshore bank accounts, claimed UBS committed fraud by not telling him he owed U.S. taxes.

“Olenicoff cannot prove that UBS committed any wrongful act without running headlong into his own admission of criminal guilt,” Guilford wrote. “Olenicoff’s claim that he justifiably relied on UBS tax advice is entirely inconsistent with his plea agreement.”

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