Swiss banker and lawyer indicted in Swiss bank probe

On Thursday, the U.S. took the next step in its battle against tax evaders by indicting a Swiss banker and a lawyer, Hansruedi Schumacher, on fraud charges. Schumacher led Swiss Neue Zuercher Bank's (NZB) private banking business until he was fired yesterday after the indictment, a spokeswoman told the AP. Schumacher moved to NZB from UBS (UBS) in 2002.

Matthias Rickenbach, a lawyer who worked with Schumacher, was also indicted. Both face a single charge of conspiring to defraud the U.S., which carries a potential five-year prison sentence.