David Voreacos

A Morgan Stanley broker and the managing clerk at the law firm Simpson Thacher & Bartlett LLP were arrested today for an insider-trading scheme that authorities said netted $5.6 million in illicit profit.

A U.S. Senate committee report will reprimand Credit Suisse Group for helping American clients dodge taxes and will criticize the Justice Department for not pursuing offshore banks aggressively enough, according to two people with knowledge of the findings.

A U.S. judge said the Internal Revenue Service can demand information from UBS AG about U.S. clients of Wegelin & Co., the Swiss bank that pleaded guilty this month to conspiring to help cheat the IRS.