Take the Money and Run: Fed Authorities Go After Swiss Bankers who Conspired to Hide $1.2 Billion from IRS
- Posted on January 4, 2012 at 7:17pm by
Becket Adams
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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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Comments (84)
cmark
Posted on January 4, 2012 at 8:57pmIf I were the Swiss Banks, I would explain to the U.S Government that it could put its head on a chair and sit on it.
Report Post »maccow
Posted on January 5, 2012 at 3:44amSHUT UP!!! You mean Swiss bank accounts were used to hide money from the IRS??? I am Shocked! Shocked to hear that there is gambling going on in Rick’s.
And when the paltry $1.2 Billion is confiscated by the IRS, if it doesn’t go to fund the federal government for about three minutes at the congressional spending rate, It will go towards a $1.2 Trillion handout.
Report Post »JRook
Posted on January 5, 2012 at 10:21amOk Einsteins, did it every occur to you that if these type of individuals and the countless business owners who engage in cash business and hiring of illegal workers to avoid taxes operated in an ethical and honest manner, we would have adequate revenue and taxes could be lowered for everybody. But I guess that is a tough concept to grasp. Tax rates are artificially high because of the illegal activity of many so called upstanding members of the community. The money should be confiscated and the all individuals involved bankers and customers thrown in jail for say 10 years. At least that is what an honest citizen thinks.
Report Post »smithclar3nc3
Posted on January 5, 2012 at 10:59am1.2 billion in untaxed funds…..wow That‘s the same amount Obama gave SUNPOWER to put American’s back to work by building a plant in …..MEXICO!
And 500,000,000 more that Obama gave a car company in Finland
http://abcnews.go.com/Blotter/car-company-us-loan-builds-cars-finland/story?id=14770875
and about 500,000,000 more than Obama’s adminstration dumped down the rathole known as SOLYNDRA.
YEAH LETS ATTACK SWISS BANKS BECAUSE THEY’RE THE PROBLEM…….PLEASE
Report Post »IF IT WASN’T SOOOO SAD IT WOULD BE FUNNY
maccow
Posted on January 5, 2012 at 12:05pm@JRook
Report Post »Tax rates are not artificially high, its purposeful. Its not your rich fellow Americans, or your corrupt fellow Americans who are not contributing their FARE SHARE thats the problem. Its the corrupt government spending WAY more than its fare share. In many cases, perceived greed and corruption are the by-products of fear, specifically fear of the power of the federal government to pick winners and losers through taxation and regulation. All the picking of winners and losers seems to be based on what have you done and how much protection money have you paid to which party to help which politician maintain their power. This is why people use Swiss Banks and other “Loop Holes” to protect what they have earned.
I am amazed at the dupes who see the great problem of this country as “those greedy bankers/big oil/big coal/etc, rather than corrupt career politicians (the real 1% though I hate the term because we are all 100% in this together).
Besides, who are these egomaniacs in Washington who think that they get to regulate Swiss banking? Is this a cog in some body’s crazy conspiracy theory of a One World Bank? Does this Administration’s IRS agency thing it gets to criminalize bankers of other countries for being part of some Global 1%? Are we about to see a global Occupy Swiss Street? (OSS) Where does the populism stop?
(To be Continued)
maccow
Posted on January 5, 2012 at 12:17pm@ JRook (Continued)
Are you really so infused with the populist cool-aid that you believe that; 1. Getting back $1.2 Billion is the actual goal here; 2. The money retrieved will honestly improve the state of our economy; 3. It will have been worth the economic and International diplomacy costs; and finally 4. The supposed greed and corruption of the Swiss bank depositors is more of an issue than that of our professional politicians.
Heck, Nancy Pelosi has probably made more than $1.2 Billion from insider trading as Speaker.
Thanks JRook, your comments make us all look more like Einstein in comparison.
Report Post »maccow
Posted on January 5, 2012 at 12:39pm@JRook (One last thought)
Report Post »Okay “Honest Citizen”, what laws have you unknowingly violated and what Regulations have you knowingly or un-knowingly skirted today for witch some populist mob of tomorrow will want you thrown in prison for 10 years for? Criminalizing our fellow citizens for perceived greed is a trick of our greedy career politicians, designed to keep us pitted against each other so we don’t scrutinize Them so closely. (Kind of Roman Coliseum, bread and circus like) Don’t be a tool.
tripl-e
Posted on January 5, 2012 at 1:47pm@JROOK
Report Post »Memo to jrook: there is no such thing as enough! They will spend some percentage more than they take in without regard to the actual amount. 100% compliance with tax law just means that the wh0res will spend more.
smithclar3nc3
Posted on January 5, 2012 at 1:59pmJROOK,
Report Post »If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. ~Ronald Reagan
Industry isn’t the problem THE GOVERNMENT IS
2Fedup
Posted on January 5, 2012 at 2:37pm“The settlement would b handled by the irs?!” Wow not only do they think they should b running every detail of our lives, but the entire world population too. Who says lefties arent control freaks?
Report Post »-U will give the emperor a piece of EVERYTHING or eric holder will send his minions to work u over!
USMCEOD
Posted on January 4, 2012 at 8:53pmThe Swedes should tell our Government to pound sand.
Report Post »GhostOfJefferson
Posted on January 5, 2012 at 7:39amAnd the Swiss too!
Report Post »Godfather.1
Posted on January 5, 2012 at 11:24amIn case you were unaware, Switzerland and Sweden are two different countries.
Report Post »Slayer
Posted on January 4, 2012 at 8:49pmOn the way to arrest the Swiss bankers, maybe the Fed can pick up Mother Sheehan who admitted to not paying taxes in years.
Report Post »turkey13
Posted on January 5, 2012 at 9:58amI think most folks have forgot about the 7 Zars obama chose and had to replace because they forgot to pay their taxes – except Timmy of course. Nancy was going to drain the swamp until she found out she would lose the majority in the House. Then there was Charley Rangle – john Corzine and Michele also – so she just used a rug instead.
Report Post »WAKEUPUSA2012
Posted on January 4, 2012 at 8:46pmYeah they are going after them cause they are not on the “inside”. MF Global gets away with stealing 1.2 billion. Jon Corzine gets off. This country has been hijacked by thugs.
Report Post »Darmok and Jalad at Tanagra
Posted on January 4, 2012 at 9:00pmWhere do you think the MF Global money went? 1.2 Billion suddenly shows up and gets taxed in Switzerland, they Corozine can keep it, he just has to pay the taxes. Think Man, Think.
Report Post »progressiveslayer
Posted on January 4, 2012 at 8:32pmThis is the redistribution of wealth our Marxist POS president promised,see he can keep a promise.
Report Post »The Swiss should have told the U.S to back off and stop interfering with their business.
Snowleopard {gallery of cat folks}
Posted on January 4, 2012 at 8:45pmIndeed. Now the best way I can imagine the Swedes and other govt’s getting even with the US will be to tell us that they will no longer purchace treasury notes.
Report Post »progressiveslayer
Posted on January 4, 2012 at 9:04pmWhen China and other countries decide to stop loaning us money I believe that will plunge us into a depression.
Report Post »pamela kay
Posted on January 5, 2012 at 1:38amNicely put, PROGRESSIVESLAYER.
Report Post »GhostOfJefferson
Posted on January 5, 2012 at 7:40amSwiss
Swiss are Switzerland. Swedes are Sweden. They are two entirely different nations in two entirely different locations.
Report Post »THEBAT
Posted on January 4, 2012 at 8:31pmWhat now Obama the great has the power to have his henchmen,whom should be ashamed ,arresting foriegn nationals in there own countrys.Swiss stand up for your pitiful selfs.this is a bully government ,obama chavez the almighty ! he who defys all .stupid are they who crumble to his whim
Report Post »GhostOfJefferson
Posted on January 5, 2012 at 7:41amActually the FedGov has been bothering Switzerland at least since 2001, perhaps a bit before, regarding banking privacy and the IRS’s loathing of it.
I’m rooting for the Swiss banks, personally.
Report Post »Detroit paperboy
Posted on January 4, 2012 at 8:28pmOh yes, o Oh yes…….. This is freakin HILARIOUS… holy crap, lets take a step back and look at this joke… This Criminal Govt. Is spending 4 billion dollars a day, of our grandchildrens money… That 1.2 billion will last us exactly SIX HOURS…… AND I GUESS ITS TIME WE PISSED OFF THE SWEDES…the fact is , people tried to hide their money from the NAZIS TOO !!!!
Report Post »dnewton
Posted on January 5, 2012 at 9:50amPeople have been hiding their money and silverware from the feds since before the Civil War. After the Revolutionary war, a bill was passed to protect the new US government from legal action to collect money owed because of foraging armies.
Report Post »Cuthalu
Posted on January 4, 2012 at 8:24pmThe IRS will stop at nothing to get other people’s money.
Report Post »Pigpen
Posted on January 4, 2012 at 8:24pm1. What authority does the USA have in Switzerland?
Report Post »2. How exactly did these bankers “conspire” …by taking deposits?
3. I as a proud American taxpayer hope that the Swiss Government tells both the USA and the “world” courts to FECK OFF!
wildbill_b
Posted on January 4, 2012 at 9:16pmObeyme will just send in boots. To a country who’s Law says every one has to have a machine or some such thing
Report Post »GhostOfJefferson
Posted on January 5, 2012 at 7:43amDoubtful WildBill. The Swiss as a highly armed, high tech and very defensively coordinated nation full of households each with a machinegun in them. The U.S. only invades third world hell holes with poor defenses and marginal militaries these days, while folks here chant “USA! USA! USA!”. Invading Switzerland would be a huge embarrassment to the U.S. and land us in war with most of Europe to boot.
Report Post »One of the Quiet Ones
Posted on January 5, 2012 at 8:45pmThere could be a treaty or reciprocity agreement. That is the problem with treaties.
Report Post »Baddoggy
Posted on January 4, 2012 at 8:22pmI bet they spend more than 1.2 Billion to get the 1.2 billion back. That is what is such a shame i all this. Look at how much the war on drugs has cost us in lives. property, jail time, court costs and lost productivity. Sometimes you chase the bad guys and it costs more than the crime! This is a perfect example of the BS from Washington.
Report Post »Banter
Posted on January 4, 2012 at 8:22pmMaybe they should look for obama’s Solyndra loot while they are poking around in Swisss bank accounts.
Report Post »progressiveslayer
Posted on January 4, 2012 at 8:22pmIt’s shocking,who would of thought the federal government would stick their ***** in a sovereign countries affairs.
Report Post »chips1
Posted on January 4, 2012 at 8:05pmThat’s why congress took time off. Thay have to withdraw their stolen money.
Report Post »black9897
Posted on January 4, 2012 at 8:21pmIRS are thieves. Better vote Ron Paul so he can put the IRS out of a job.
Report Post »SmarterThanTheAverageBear
Posted on January 4, 2012 at 8:05pmAs the wealthy become further disenfranchised with the US government and the US tax system you will likely see more money flowing outside this country than ever before. There are many ways to dodge the tax man including renunciation of ones citizenship. If things continue as they have in the USA all that will be left is a bunch of whining progressives trying to collect taxes from the welfare entitled.
Report Post »trolltrainer
Posted on January 4, 2012 at 8:22pmYep! Those with money have the ability to easily go elsewhere. You can live like a king in many places in Central and South America and the Caribbean for very little.
In their class war against the wealthy the silly libs will only drive the money offshore and end up poorer than a third world country that produces nothing but entitlement leeches.
Report Post »progressiveslayer
Posted on January 4, 2012 at 8:35pmI think that‘s the whole point of our Marxist POS president’s regime,to make everyone equally poor after all that’s what a Marxist does.
Report Post »GhostOfJefferson
Posted on January 5, 2012 at 7:45amLook up “renouncing your citizenship”. The IRS still claims the “right” to tax you after you’re no longer a citizen for, I believe, at least 10 years. Not even the Nazi’s were that brazen in their assumption that their “citizens” belonged to them.
Report Post »1me2ao
Posted on January 4, 2012 at 8:04pmthis is poltical gold for and election.
Report Post »brntout
Posted on January 4, 2012 at 8:03pmCATB brought up the suit currently in Georgia cause unlike the rest of the state, no one ever questioned his ability to be qualified to be president of the United States of America due to his parents birthright , not his birth certificate.
Report Post »scrapadapolis
Posted on January 4, 2012 at 7:57pmYea Im sure Eric Holder (DOJ.DOPE) is behind this to cover up his antics.And as for the American government good luck a$$ whipes.How about the Swiss tryin to bring charges against our banking institutations for people holding their money..Hey I’ll bet muslims have more swiss bank accounts than Americans.
Report Post »Publius Novus
Posted on January 4, 2012 at 7:41pmRich or poor, people hate taxes & tax collectors. I’m not surprised (don’t tell anyone but you can do the same thing in the Cayman Islands & the Bahamas…shhhhhh).
Report Post »Pocono_Oathkeeper
Posted on January 4, 2012 at 7:38pmFor those of you still interested in Swiss accounts, Swiss bank accounts owned by Americans are reportable to the US government- SWISS ANNUITIES ARE NOT unless you are convicted of a crime in Switzerland.
Report Post »BurntHills
Posted on January 4, 2012 at 7:38pmdidn’t Hitler do teh same thing in the 1930s? every cent has to go to der fuhrer obama.
Report Post »GhostOfJefferson
Posted on January 5, 2012 at 7:46amNo. The Swiss didn’t relinquish sovereignty in WW2.
Report Post »4-The-Truth
Posted on January 4, 2012 at 7:36pmI guess if this doesn’t work, Obama will declare them terrorist and send some drones over to take out the Swiss bankers. That should send a message to the Cayman Islands to behave more like Cuba.
Report Post »AJAYW
Posted on January 4, 2012 at 7:31pmWell darn did they ever get little timmy g to pay his taxes
Report Post »CatB
Posted on January 4, 2012 at 7:36pmThe Swiss should register as Democrats .. then they wouldn’t have to worry about no stinking taxes!
Report Post »brntout
Posted on January 4, 2012 at 7:46pm@ CATB http://www.orlytaitzesq.com/wp-content/uploads/2012/01/Farrar-Motion-to-dismiss-by-Obama-is-denied.pdf
Report Post »Rowgue
Posted on January 4, 2012 at 7:26pmThe criminal charges are just empty threats. They would never be extradited to face trial in the U.S. and Sweden wouldn‘t try them because they didn’t break any of their laws.
Report Post »Godfather.1
Posted on January 5, 2012 at 11:28amDumbass, Switzerland and Sweden are two different countries!!!
Report Post »brntout
Posted on January 4, 2012 at 7:25pm@CATB georgia was prima http://www.orlytaitzesq.com/wp-content/uploads/2012/01/Farrar-Motion-to-dismiss-by-Obama-is-denied.pdf see it for real
Report Post »trolltrainer
Posted on January 4, 2012 at 7:22pmIf I were the Swiss I would tell the US government to kiss my a$$.
Report Post »streetrodder
Posted on January 4, 2012 at 7:30pmI agree 100%.
Report Post »CatB
Posted on January 4, 2012 at 7:38pmYes .. they never should have agreed to turn in their customers .. they should have known that they would come after them next.
Report Post »The Cincinnati Kid
Posted on January 4, 2012 at 7:58pmYup! The IRS is going to war with the Swiss banks. Doug Shulman and his buddies at the OECD have been planning this for a while. The Swiss banks should have never caved in. The IRS will soon start going after banks and bankers in South America too. In the last free trade bill passed by congress there was a few things slipped in there. The IRS and the OECD are doing their best to eliminate tax havens and seize money around the world to feed the nanny state.
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