UBS's 'Godfather of Leniency' Made One Offer the Fraud Cops Refused
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UBS Group AG, in its bid to escape U.S. criminal charges of manipulating currency markets, turned to “the godfather of leniency.”
As a Justice Department prosecutor in the early 1990s, Gary Spratling spearheaded a program that encouraged wrongdoers to admit to collusion to escape prosecution. Now UBS’s lawyer, Spratling played the leniency card in an effort to keep the Swiss bank from having to take a guilty plea. The plan came up short.