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Settlement

Cayman National units admit helping U.S. clients evade taxes

Cayman National units admit helping U.S. clients evade taxes

NEW YORK (Reuters) – Two units of Cayman National Corporation Ltd pleaded guilty to U.S. charges on Wednesday as part of a $6 million settlement of an investigation into how the financial services firm helped Americans evade paying taxes.  Click here for the link to the Department of Justice Press Release. Cayman National Securities Ltd […]

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Swiss banks to pay $81 million, avoid U.S. charges on aiding tax evasion

Swiss banks to pay $81 million, avoid U.S. charges on aiding tax evasion

(Reuters) – Three Swiss banks will pay a total of more than $81 million to the U.S. Justice Department to avoid possible prosecution for helping Americans to evade taxes, the department said on Thursday. The three banks, the Swiss unit of BNP Paribas SA; KBL (Switzerland) Ltd; and Bank CIC, also agreed to cooperate in […]

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Ex-Bank Leumi execs to repay part of bonuses after U.S. tax probe

Ex-Bank Leumi execs to repay part of bonuses after U.S. tax probe

Three former senior executives at Bank Leumi will return part of the bonuses they received after Israel’s second largest bank agreed a $400 million settlement with U.S. tax authorities, the company said on Monday.Leumi agreed to make the payment last December to settle two separate investigations into whether it helped American clients, largely in its […]

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Credit Suisse granted exemption to continue U.S. pension business

Credit Suisse granted exemption to continue U.S. pension business

NEW YORK (Reuters) – The U.S. Department of Labor on Thursday said it granted Credit Suisse Group AG an exemption from certain restrictions stemming from its guilty plea to helping Americans evade taxes, effectively allowing the bank to continue to manage $2 billion in U.S. retirement money. The Zurich-based bank can keep managing U.S. pension […]

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Swiss banks in U.S. criminal probe face longer wait

Swiss banks in U.S. criminal probe face longer wait

ZURICH (Reuters) – A U.S. criminal investigation into how Swiss banks such as Julius Baer allegedly helped wealthy Americans to hide their money is likely to stretch into next year, the U.S. ambassador to Switzerland signalled in a newspaper interview. The criminal probe into a handful of banks has paved the way for a programme […]

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Stay Tuned For More Swiss Bank Deals Over Tax Evasion

Stay Tuned For More Swiss Bank Deals Over Tax Evasion

NEW YORK (Reuters) – More Swiss banks that helped wealthy Americans evade taxes will soon strike agreements with the U.S. Department of Justice to avoid prosecution, an official overseeing the U.S. government program told Reuters. “I would stay tuned,” Acting Assistant Attorney General Caroline Ciraolo of the Justice Department’s Tax Division said in an interview […]

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U.S. says HSBC ‘too slow’ on compliance but makes progress

U.S. says HSBC ‘too slow’ on compliance but makes progress

NEW YORK (Reuters) – HSBC Holdings Plc is making progress toward cleaning up its operations, after reaching a $1.92 billion settlement of charges related to money laundering, but has not done enough, the U.S. Department of Justice said on Wednesday. The government made its criticisms after reviewing the findings of an independent monitor, Michael Cherkasky, […]

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Commerzbank AG Admits to Sanctions and Bank Secrecy Violations, Agrees to Forfeit $563 Million and Pay $79 Million Fine

Commerzbank AG Admits to Sanctions and Bank Secrecy Violations, Agrees to Forfeit $563 Million and Pay $79 Million Fine

As announced in the DOJ Press Release, Commerzbank AG, a global financial institution headquartered in Frankfurt, Germany, and its U.S. branch, Commerzbank AG New York Branch (Commerz New York), have agreed to forfeit $563 million, pay a $79 million fine and enter into a deferred prosecution agreement with the Justice Department for violations of the […]

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Commerzbank Settles Money Laundering Charges For $1.45 Billion

Commerzbank Settles Money Laundering Charges For $1.45 Billion

Commerzbank AG and its U.S. branch agreed to pay a total of $1.45 billion in penalties for laundering $263 million for Iranian and Sudanese companies, the Federal Bureau of Investigation said. The settlement also covers the bank’s role in a separate money laundering scheme tied to accounting fraud at the Japanese camera and electronics maker, […]

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UBS whistelblower Birkenfeld lodges request for return to Europe

UBS whistelblower Birkenfeld lodges request for return to Europe

FORT LAUDERDALE, Fla./ZURICH (Reuters) – Ex-UBS banker Bradley Birkenfeld, a whistleblower in a tax fraud case involving the Swiss bank for which he was awarded $104 million after serving more than two years in prison, has lodged a request to be allowed to return to Europe. I have attached some pleadings recently filed in the […]

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Royal Bank of Canada to Pay $35 Million to Settle U.S. Lawsuit on Trading Scheme

Royal Bank of Canada to Pay $35 Million to Settle U.S. Lawsuit on Trading Scheme

NEW YORK (Reuters) – Royal Bank of Canada has agreed to pay $35 million to resolve a lawsuit by the U.S. Commodity Futures Trading Commission that accused it of running an illegal trading scheme to gain lucrative Canadian tax benefits. The settlement, disclosed in papers filed on Thursday in Manhattan federal court, would resolve claims that a […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney