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prev next

Take the Money and Run: Fed Authorities Go After Swiss
Bankers who Conspired to Hide $1.2 Billion from IRS
The
Blaze – Thu, Jan 5,
2012

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The Federal
government, which hates being denied tax revenues, is going after three
Swiss bankers for conspiring to
hide almost $1.2 billion from the Internal Revenue Service.

Federal authorities said the
bankers worked as client advisers at the Zurich branch of a bank they identified
only as “Swiss Bank A.” They said the men conspired with U.S. taxpayers and
others to hide the existence of Swiss bank accounts and the income they
generated from the IRS.

Federal authorities claim the men engaged in the conspiracy in 2008 and 2009
following reports that the IRS was investigating UBS AG and another large international Swiss bank for
helping U.S. taxpayers evade taxes, according to Reuters.

Swiss banks, which have a longstanding practice of offering clients secrecy,
have come under steady attack by U.S. authorities, highlighted by the probe into banking giant
UBS which led to a deal between U.S. and Swiss authorities, reports Agence
France Presse.

Reuters reports:

U.S. authorities, who suspect that tens of thousands of Americans have been
using Swiss banks to avoid paying billions of dollars in taxes, are
investigating scores of Swiss banks and international banks with Swiss
operations.

Separately, the U.S. Department of Justice is conducting criminal probes of
11 banks, either Swiss or global with major Swiss operations.

The investigations, an outgrowth of scrutiny of UBS, are focused on Credit
Suisse AG, HSBC Holdings Plc and Basler Kantonalbank, among others…

Swiss authorities are interested in settling the case and getting back to
work. They want a global civil settlement with U.S. authorities in which the
entire Swiss banking industry would pay a fine and close out their undisclosed
private banking services for Americans.

That settlement would be handled by the IRS.

Robert Katzberg, a criminal defense lawyer in New York with U.S. clients of
Swiss banks, said that “this indictment represents additional pressure [on] …all
of the 11 banks, to fully cooperate with the United States, and they surely
will.”

If convicted, the three bankers face a maximum prison term of five years
under the conspiracy charge.

“The tax-hungry federal government doesn’t seem daunted by the Swiss banking
shell game, and the more success it has in tracking these accounts down, the
tougher it will get for those who want to dodge taxes by stashing their money
away in secrets,” writes Phil Villarreal of The
Consumerist
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37 comments

Popular Now

Newest

Oldest

Most Replied

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325741071083-e5a6cb69-9a01-4e18-9a45-14ba99fc3f85

Local Crank  •  Petaluma, California  •  7
mths ago

Tax cheats steal from the ones who play
by the rules. Take 'em down.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325733339587-195378fc-35e3-491a-9fdf-dc2629a0fcab

Charles K  •  Elmhurst, Illinois  •  7
mths ago

It's unreported money where taxes were
never paid.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325734351951-6afc7241-95fd-4551-9f8e-1e4c8b01afcb

deathknight  •  Jacksonville, Florida  •  7
mths ago

People should pay their damned taxes
like everyone else.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325734351951-6afc7241-95fd-4551-9f8e-1e4c8b01afcb/reply/00002s000000000000000000000000-0e4b558a-52d1-4285-a6dc-a61c48e4a556

Local Crank 7 mths ago

Right on.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325794473463-66fb033c-1435-4731-8548-92ebd60163c2

facedecoolo  •  Pittsburgh, Pennsylvania  •  7
mths ago

A University recently did an
investigation and found over 52% of wealthy people do not report their
income from foreign accounts despite having the ability to hire professional
accountants This creates a loss of revenue cheating the US tax payer of over
$300 billion PER YEAR. Recently the GOP house voted down a $100 million
dollar program to audit these foreign accounts.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325794473463-66fb033c-1435-4731-8548-92ebd60163c2/reply/00003b000000000000000000000000-383cfe62-c2e9-4acf-9b5c-79dcc18d0df7

facedecoolo 7 mths ago

Typical GOP thinking. Don't borrow at
less than 0% interest rates and don't get a return of over 3000% on your
money. Just cut spending blindly. No wonder we are in debt. We can now
dispense with the myth that Republicans are good at business. Thank you
T.L. for the illustration of how ill informed the right wing, 21st century
American is.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325794473463-66fb033c-1435-4731-8548-92ebd60163c2/reply/00002b000000000000000000000000-0efcacb4-a06f-4016-b874-852185f5e638

T. L 7 mths ago

Guess we would have to borrow the 100
million dollars from some where to have paid the auditors. Makes sense to
me. Go Republicans.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325791724642-eba7e577-2520-49ae-b58c-cdba8741a8a9

Anonymous  •  Dallas, Texas  •  7
mths ago

Don't steal from the government - the
government hates
competition.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325821788869-8fcf8ac5-65cd-42af-9570-094bb343858b

David A  •  Encino, California  •  7
mths ago

$1.2Billion That"s All--That has to be
just from 1 Account!!
There is more--A LOT MORE!!!

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325821788869-8fcf8ac5-65cd-42af-9570-094bb343858b/reply/00003s000000000000000000000000-4f3c1e9d-04b3-495b-9d3f-229525a8e73f

David A 7 mths ago

For Years and Years People with $$$$$
have accounts Unchecked-
They have $$$ sent or deliverd in many ways
with only 1 access #!!
Those #'s are identified by the private account
management system!!
The $$$ can be taken out and spread in many
directions till the claims
it at the places sent!!---We will see if the
IRS is successful in their efforts!!
Shhhhhhhhhhhhhh--MUMS the
word!!

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325821788869-8fcf8ac5-65cd-42af-9570-094bb343858b/reply/00002b000000000000000000000000-77bffd1d-a60f-47b1-b69f-07582832308c

T. L 7 mths ago

But....how do u know
David?

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325791016055-9cc8e2ff-d274-440f-b424-3996301be6b2

divad41  •  7
mths ago

The Swiss practices are in the process
of coming home to roost. The US has been encouraged by the recent agreement
bewtween the Swiss and the UK. It is OK to be sercretive, as long as it is
not illegal.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325786881600-427f059b-6129-476c-86d2-1605f54db88d

Sena  •  7
mths ago

They should go after Don S. Dalis, a
former UBS manager in Newport Beach CA who was fired two years ago and now
works with his pals in a new startup. One of the biggest thieves in the
finance business.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325772757710-869748d7-c386-4082-a727-58cc3f251311

jackofhearts  •  Roanoke, Virginia  •  7
mths ago

What about the banks in
georgetown,Grand Caymans? That,s where I believe a lot of money went from
contracts for which we got little value during the war.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325749695834-1a3a58b9-7cb0-47ad-a593-408fec7a1bac

william  •  Raleigh, North Carolina  •  7
mths ago

thats how they go wesley snipes he said
no one should have to pay takes see where hes at now

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325876627940-0cc9a52a-d771-478a-9078-7d5cce898ccc

Retirement-bound  •  7
mths ago

Hey, get real I.R.S. This is only a
drop in the bucket from all the major corporate entities like Exxon who
don't pay any income taxes. With over #300B in profits annually why aren't
they being taxed?

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1326041766181-0dd73092-c472-4f3c-bfce-f0e9a0bd6a40

Impeach Obama  •  7
mths ago

There needs to be an ORGANIZED TAX
PAYER REVOLT AGAINST THE GOVERNMENT:
1. The GOVERNMENT takes tax payer $$
and gives it away to foreign countries (CHINA, EGYPT, PALESTINE, etc)
2.
The GOVERNMENT gives tax payer $$ to subsidize life saving drugs to foreign
countries when programs such as the Ryan White Act have people dying in the
US while on waiting lists.
3. The GOVERNMENT spends SOCIAL SECURITY $$$
and replaces the money with IOUs.
4. The GOVERNMENT takes tax payer $$
and props up FAILED AND FAILING BUSINESSES.
5. The GOVERNMENT takes tax
payer $$ and SUBVERTS the States' Right to Educate their citizens by the
policies of the Department of Education.
..........and MORE
There are
things you can do:
1. Raise Hell with your Washington Rep WRITEREP dot
HOUSE dot GOV and SENATE dot GOV
2. ORGANIZE Locally, start with your
state and push to Washington
3. ORGANIZE a MARCH ON WASHINGTON; If the
Gays can do that then working men and Women can do that.
GET BUSY PEOPLE
!!!

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325769748976-f5cfe6eb-47f7-4fbb-938a-c7c5318d55c7

jig  •  Salt Lake City, Utah  •  7
mths ago

So now those who want offshore banking
will go most likely to Hong Kong . I am sure the chinese will most happy to
tell the US where to go. Just going to make our enemies even more powerful.
What ever happened to chasing down our own crooked
bankers.???

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325749527038-4ece7506-bc13-46bb-9eb8-ff3f97fbb405

william  •  Raleigh, North Carolina  •  7
mths ago

you know who are the biggest tax
cheaters the average person putting down kids that don,t live with them like
putting there nieces are sister kids and they are on welfare so they put
there kids on there taxes end of year and give there nieces are sister some
of the money bet u all know someone that does that

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325749527038-4ece7506-bc13-46bb-9eb8-ff3f97fbb405/reply/00004b000000000000000000000000-92297181-32bc-4ece-a62d-5dc244428635

T. L 7 mths ago

But Andrea, a couple of thousand here
and a couple of thousand there adds up after it has went around the block
a few million times, and turns into big money that the government has to
borrow from somewhere to pay. It is still wrong for these people to lie
and cheat.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325749527038-4ece7506-bc13-46bb-9eb8-ff3f97fbb405/reply/00003b000000000000000000000000-043328d8-3b12-4abc-a094-fcfa15bf96c7

facedecoolo 7 mths ago

Almost all people who earn over 200k
per year have professionals report earnings and it was found that 52% hid
money in tax havens. But feel free to keep believing there is a cabal of
minimum wage workers squirreling away hundreds of billions of
dollars.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325749527038-4ece7506-bc13-46bb-9eb8-ff3f97fbb405/reply/00002s000000000000000000000000-e5e72985-f8ea-4a97-8715-e20ae688a568

ANDREA 7 mths ago

you got to be serious. Stop listening
to people telling you things that are not true. Look at some data. your
average person does not exist in any real numbers.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325753301635-dfad5365-cf18-4dd7-b2b2-b097a57128c1

Your worst nightmare  •  Salt Lake City, Utah  •  7
mths ago

But this won't stop the politicians
from doing it as well as the IRS themselves with their
accounts!

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325734053551-cc4bf549-8fff-4457-93df-16df95a1d49a

Thaddeus  •  7
mths ago

The country that had bank accounts for
Saddam, Bin Laden and Gadhaffi should not be throwing rocks at the
Swiss

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325734053551-cc4bf549-8fff-4457-93df-16df95a1d49a/reply/00002b000000000000000000000000-234dc834-4bc3-457d-92b0-0153d1941cd8

facedecoolo 7 mths ago

Sometime you'll have to explain to me
how you are positive that Saddam and Bin Laden's Swiss accounts needed to
be overlooked.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325891980195-197cb0a3-261a-47af-85f6-96d25c46ab34

Karma  •  Cupertino, California  •  7
mths ago

Swiss is a good start, anything in the
major merchant hub of the world like Dubai? Again, those are just small
fries. It's the corporations that if they have a ball. Then again, you can't
bite the hand that feeds you (i.e. corrupted people in Congress and their
family!) Just follow the money trail, then we can end up w/ very interesting
people.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325873911511-e3b81ea2-556f-4069-bbf2-bb7331314ebe

beijingyank  •  Beijing, China  •  7
mths ago

I want to hear more from the former
Chief Operations Officer at Baers Bank. He claims most U.S. politicians have
accounts at the Vatican Bank all funded from Geitner's U.S. Treasury. Chief
Judge Roberts, he claims, has a billion dollars. Hillary Clinton has trust
funds in the millions for her ugly kid, and there are million in trust for
Obama's. Sometimes it is what is not said that means the most; namely, Ron
Paul was not on the list.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325869446217-ee2d4586-81c8-47a3-954c-fad9ded1bcad

shorty  •  San Antonio, Texas  •  7
mths ago

a lot of persons exempt from paying
taxes in America are going to be exposed and possibly justice brought to
them even though their government positions makes them immne from the laws
they create for others.

v1/comments/context/db264954-8c8b-314b-a1f3-56035acea7a2/comment/1325868357772-c96673e9-59f9-4e3a-8b20-a9010b5b827e

Buck Naked  •  Atlanta, Georgia  •  7
mths ago

Investing is gambling ...... but with
CROOKS involved.

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