Toomre Capital Markets LLC

Real-Time Capital Markets -- Analytics, Visualization, Event Processing, and Intelligence

Bradley Birkenfeld Hearing Canceled

Late on Thursday June 5th, Reuters ran a story indicating that the June 9th court hearing for Bradley Birkenfeld, the former UBS private banker who is expected to plead guilty to tax conspiracy charges, has now been canceled. The cancelation apparently was requested by United States prosecutors and no new date has been set.

Toomre Capital Markets LLC ("TCM") has previously written on the Bradley Birkenfeld case here. TCM wonders whether this delay indicates that United States prosecutors have entered into settlement discussions with UBS that no doubt will lead to the release of the customer list of wealthy Americans who used the services of the UBS private banking division. Certainly, if that were the case, prosecutors would not want Mr. Birkenfeld publicly naming names until a settlement with UBS was completed and further investigations were at least started. TCM will be keenly watching for developments in this and associated cases over the coming weeks.