Reuters is reporting that four more UBS clients have been charged with tax evasion. One of the cases involved $20 M in assets hidden at UBS. We should expect even more cases to be announced in the coming months, especially, when and if the U.S. government receives the majority of the data that UBS has agreed to provide in its agreement with U.S. federal prosecutors In recent months, the provision of such data was put in doubt by a finding by the Swiss Federal Court that such a disclosure is illegal. The Swiss parliament is currently considering legislation to permit UBS to disclosure such data. Given the political climate in the US and in Switzerland generally, it is likely that the U.S. government will be successful in obtaining such data. . Given the scope of the potential cases, the U.S. government does not have the resources to prosecute everyone so it is likely that they will pick the largest and most egregious caes.