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Posts tagged "Department of Justice"

Alaskan Plastic Surgeon Convicted of Offshore Tax Evasion

The Department of Justice announced the conviction of an Alaskan doctor who used secret accounts in Costa Rica to hide assets from his wife, as well as to evade U.S. taxes. At his sentencing next March, he faces a maximum of 20 years imprisonment. He could also be forced to forfeit $4.6 million in seized funds.

Two U.S. Return Preparers Sentenced for Enabling Offshore Tax Evasion

The Department of Justice announced that a father and son team of tax return preparers have been sentenced for conspiring with clients to prepare false tax returns omitting the clients' foreign financial accounts or foreign income. David Kalai has been sentenced to serve 36 months, while his son, Nadav Kalai, was sentenced to 50 months.

IRS Focuses on Southeast Asia in Continuing Offshore Crackdown

As the U.S. government's much publicized crackdown on Swiss banks continues, they may be turning their focus to Southeast Asia, where a Singaporean asset-management firm has fallen under criminal investigation. The firm is suspected of accepting transfers from U.S. taxpayers who were forced to shut down their undeclared Swiss accounts when those Swiss banks came under criminal investigation.

Several More Swiss Banks to Turn Information Over to US

Rothschild Bank AG and Banca Credinvest SA are the two latest Swiss Banks to settle with U.S. authorities as part of the Department of Justice's ongoing Swiss Bank Program. In exchange for non-prosecution agreements, the banks will pay fines and turn over detailed information about their American clients.

US Authorities Indict FIFA Officials, Seek Extradition

The Department of Justice has unsealed a 47 count indictment against 14 individuals related to allegations of FIFA corruption, including charges of tax fraud, money laundering, wire fraud, and racketeering. As part of the alleged conspiracy spanning 25 years, the co-conspirators used false consulting agreements to disguise the illicit payment of bribes, as well as the use of shell entities and numbered bank accounts in various tax havens around the world.

Swiss Banks Trying to Force U.S. Clients to Disclose

Facing billions of dollars in potential fines at the hands of U.S. authorities, Swiss banks are scrambling to convince their American clients to voluntarily disclose their accounts to the IRS.

Dozens of Indicted Swiss Bankers Still at Large

As the Department of Justice continues its efforts to prosecute individuals involved in offshore tax evasion, approximately two dozen indicted Swiss bankers remain fugitives in Switzerland.

First Bank Reaches Deal as Part of U.S. "Swiss Bank Program"

Swiss bank BSI SA has admitted to helping U.S. clients evade taxes and entered into a non-prosecution agreement with the U.S. Department of Justice, in a deal that requires the bank to pay a $211 million penalty and turn over the names of 3,000 American account holders. They are the first of more than 100 Swiss Banks to officially enter into a non-prosecution agreement.

Two Credit Suisse Bankers Receive Slap on the Wrist at Sentencing

Two former Credit Suisse bankers have received extraordinarily light sentences after pleading guilty and cooperating with the Department of Justice in its case against the Swiss Bank. Josef Dörig and Andreas Bachmann were each sentenced to five years' probation and a fine, sentences that are substantially lower than the recommendations under the Sentencing Guidelines.

Swiss Banks Struggle With Non-Prosecution Agreement

A little under a year ago there were more than 100 Swiss banks clawing their way into the U.S. Justice Department's no prosecution agreement. The deadline to sign up was New Years' Day 2014. Banks who were able to meet the deadline were guaranteed no conviction or closure, no disgrace, just a few penalties and a slap on the wrist. Fast forward 10 months, and now more than 70 of these banks are pushing back against the rigid deal, which includes a harsh non-prosecution agreement.

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