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Offshore Accounts/International Tax Disputes Archives

Swiss Enabler Pleads Guilty

A former Swiss banking executive has pleaded guilty in a Florida court to charges of helping U.S. clients evade taxes. Hansruedi Schumacher, who cooperated with the U.S. government and testified in another prominent offshore prosecution, will face sentencing later this year.

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.

What the Increased 50% OVDP Penalty Means for You

Last summer, the IRS announced sweeping changes to its ongoing offshore compliance initiatives. The biggest change was the announcement of new Streamlined Compliance Procedures. Under these procedures, eligible taxpayers who resided in the United States can qualify for a reduced offshore penalty of 5%, with those who resided outside of the U.S. paying no penalty at all.

Swiss Banks Struggling to Get American Clients to Disclose to IRS

Prior to his death in 1980, Maurice Pinot opened a Swiss account with approximately $1 million, which would pay interest and dividends to his longtime companion, and after her death, to her daughter. That daughter, Micheline Fournie, an 81 year old French citizen with U.S. residency, is now resisting pressure from the bank to voluntarily disclose the account to the IRS.

UBS Client Sentenced

A former UBS client has been sentenced to four months of incarceration and two years of supervised released by a federal court in Georgia. The internet entrepreneur was convicted of FBAR violations, stemming from his undeclared offshore accounts in Switzerland and other countries.

Indicted Swiss Banker Arrested in Germany

A former Swiss banker who was indicted in the United States three years ago has been arrested in Germany and is expected to be extradited to the United States. Roger Keller, a former client advisor at Wegelin & Co, was indicted in 2012 for helping Americans hide more than $1.2 billion.

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