Paris prosecutors opened a formal investigation April 12, after conducting a preliminary inquiry with the customs service into a complaint by France’s Prudential Control Authority in February 2011 over the bank’s practices in France.
The team also includes two partners in the firm's Dubai office, with corporate duo Gavin Watson and Chris Sioufi also joining Dechert, which currently does not have a presence in the United Arab Emirates.
The decision to pass the case to the sanctions committee, which is composed mainly of independent magistrates, means the FSMA considers that there is enough evidence to take the case forward and that there will be no settlement with the parties involved.
But Austria's deal is far less favourable than those struck by Britain and Germany, which both responded to political pressure by extracting big up-front payments and more concessions from Switzerland.
Darwin (pictured) is replacing David Bradley as UK managing partner, with Bradley returning to full-time practice in the employment, pensions and benefits group.
The proposals, dubbed a ‘fraudster’s charter’, come as part of a radical shake-up of the Financial Services Compensation Scheme, the safety net which protects savers and investors.
Olenicoff sued UBS in 2008, accusing the bank of fraud, conspiracy and other charges in handling some US$200mil he kept in offshore accounts and claiming that UBS had wrongfully advised him that he did not have to report them to the IRS.