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March 2014 Archives

Personal ATM, Banker's Plea Outlines Tax Evasion Plan

Andreas Bachmann, former banker at Credit Suisse Group, pleaded guilty on Wednesday, March 10th, of helping Americans conceal their money in offshore Swiss accounts. Offering his services to dozens of Americans with Swiss bank accounts, Bachmann carried around large sums of cash on flights between the United States and Switzerland. Bachmann acted as a "personal ATM" for these Americans, often taking deposits of one client and using them to fund a withdrawal for a different client. Bachmann testified that it was all to help his customers avoid U.S. taxes, however, he agreed to cooperate fully with the U.S. government as they investigate the banks and their employees for aiding tax evasion. 

DOJ Increases Efforts to Prevent Fraudulent Tax Returns

Federal authorities are increasing their efforts to battle what they say is a growing problem of fraudulent filings seeking tax refunds based on stolen identities. Even those not normally associated with white-collar crime are being attracted to the simplicity of the scam which involves repeatedly filing false tax returns electronically and receiving refunds within days.

Real Housewives Stars Face Real Trouble for Alleged Fraud

The Real Housewives of New Jersey stars Teresa and Joe Giudice are facing very real trouble after pleading guilty to several charges of their 41-count indictment on various fraud and tax charges, according to US Weekly. Originally, the couple had pled not guilty to two charges in November.

FATCA Expected to Face Political Backlash

Political tension could rise if it becomes widely known that under diplomatic agreements instigated by the U.S. targeting tax evasion, U.S. financial firms will be required to share information on foreign-born U.S. residents with foreign governments.

Standard Chartered Seeks Buyer for Swiss Private Bank

With the recent global crackdown on tax evasion in full swing, Standard Chartered PLC is seeking a buyer for its Swiss private bank put on the block by Italian insurance giant Assicrazioni Generali SpA.

Switzerland Looks to Finalize Tax Evasion Process

Switzerland's finance minister told a Swiss newspaper that the country planned to adopt a much more friendly position in regards to sharing bank client data with foreign tax authorities much more quickly than originally thought and cannot hold back until all other countries have introduced the practice.

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