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UBS

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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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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HSBC Condemns Past Practices As Pressure Grows Over Swiss Accounts

HSBC Condemns Past Practices As Pressure Grows Over Swiss Accounts

LONDON (Reuters) – The head of HSBC’s private bank has told staff past practices that may have allowed some clients to dodge taxes are unacceptable, with the company facing pressure on both sides of the Atlantic over its conduct. HSBC this week admitted failings in compliance and controls in its Swiss private bank and faces […]

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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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Second Swiss bank reaches deal under U.S. tax program

Second Swiss bank reaches deal under U.S. tax program

NEW YORK (Reuters) – Vadian Bank AG has become the second of what are expected to be dozens of Switzerland-based private banks to reach a deal with the U.S. Department of Justice under a voluntary disclosure program for assisting Americans in evading taxes. The program, launched in 2013, allows Swiss banks to avoid prosecution by […]

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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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Ex-Credit Suisse bankers spared prison in U.S. tax evasion case

Ex-Credit Suisse bankers spared prison in U.S. tax evasion case

WASHINGTON (Reuters) – A U.S. judge on Friday decided not to require prison time for two former Credit Suisse Group AG bankers who pleaded guilty to helping U.S. customers evade taxes by using Swiss accounts. U.S. District Court Judge Gerald Lee sentenced Andreas Bachmann and Josef Dorig to serve five years of unsupervised probation and […]

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Washington Alert – GAO Report on Exempt Orgs, Bank Leumi Pleads Guilty, GAO Faults IRS on Handling of Calls

Washington Alert – GAO Report on Exempt Orgs, Bank Leumi Pleads Guilty, GAO Faults IRS on Handling of Calls

Coinciding with the decline in IRS’s budget over the past several years, there has been a notable decrease in the number of full-time equivalents working within the agency’s Exempt Organizations (EO), the Government Accountability Office (GAO) said in a recent report. (GAO-15-164) In turn, this has resulted in a steady decrease in the number of […]

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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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Bank Leumi Admits to Assisting U.S. Taxpayers in Hiding Assets in Offshore Bank Accounts

Bank Leumi Admits to Assisting U.S. Taxpayers in Hiding Assets in Offshore Bank Accounts

As reported in the DOJ Press Release, a major Israeli international bank admitted that it conspired to aid and assist U.S. taxpayers to prepare and present false tax returns to the Internal Revenue Service (IRS) by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world.  A deferred prosecution agreement […]

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Manhattan U.S. Attorney Announces Charges Against Kentucky Resident for Maintaining Secret Swiss Bank Accounts

Manhattan U.S. Attorney Announces Charges Against Kentucky Resident for Maintaining Secret Swiss Bank Accounts

As reported in the DOJ Press Release, Manhattan U.S. Attorney Announces Charges Against Kentucky Resident for Maintaining Secret Swiss Bank Accounts. U.S. Attorney Preet Bharara for the Southern District of New York and Acting Special Agent in Charge Shantelle P. Kitchen of the Internal Revenue Service-Criminal Investigation (IRS-CI) New York Field Office announced today the […]

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No more secrets – Swiss banks learn to shape up, not shut up

No more secrets – Swiss banks learn to shape up, not shut up

ZURICH (Reuters) – Switzerland’s allure as a place to stash cash has been badly damaged by a U.S.-led campaign against tax cheats, and the country’s roughly 140 private banks can no longer rely on a reputation for secrecy to attract wealthy customers. To try and compensate for the hundreds of billions of Swiss francs withdrawn […]

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September 15, 2014 – Last Day For Category 2 Banks to Disclose – – Offshore Unreported Income

September 15, 2014 – Last Day For Category 2 Banks to Disclose – – Offshore Unreported Income

As widely reported, Banks have been moving and dodging the U.S. Department of Justice and the opportunity to participate in some version of “let’s make a deal,” so the Bank will not be prosecuted criminally or assessed civil penalties.  The latest is the upcoming deadline imposed by the Department of Justice on Category 2 Banks. […]

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Credit Suisse expected to report biggest quarterly loss since 2008

Credit Suisse expected to report biggest quarterly loss since 2008

ZURICH (Reuters) – Credit Suisse is expected to report its biggest quarterly loss since Lehman Brothers collapsed in 2008 when it publishes results on Tuesday, due to a 1.6 billion Swiss franc ($1.78 billion) charge from a May settlement with U.S. authorities over tax evasion charges. The results will also show whether clients have pulled […]

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Credit Suisse nears $2.5 billion deal to end U.S. Tax-Evasion Probe

Credit Suisse nears $2.5 billion deal to end U.S. Tax-Evasion Probe

(Reuters) – Credit Suisse Group AG is expected to plead guilty and pay more than $2.5 billion to U.S. authorities to resolve charges that the Swiss bank helped Americans evade U.S. taxes, people familiar with the discussions said on Thursday. Under the terms being discussed, about $2 billion would go to federal authorities, mainly the […]

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Portola Valley, Calif., Man Sentenced to Prison for Failure to Report Foreign Bank Accounts Held at UBS

Portola Valley, Calif., Man Sentenced to Prison for Failure to Report Foreign Bank Accounts Held at UBS

Portola Valley, Calif., Man Sentenced to Prison for Failure to Report Foreign Bank Accounts Held at UBS, as reported by the DOJ. Christopher B. Berg of Portola Valley, Calif., was sentenced yesterday to one year and one day in prison to be followed by three years supervised release, announced Assistant Attorney General for the Tax […]

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U.S. charges Swiss asset manager in offshore tax fraud case

U.S. charges Swiss asset manager in offshore tax fraud case

NEW YORK (Reuters) – U.S. prosecutors on Thursday announced they indicted Peter Amrein, a Swiss asset manager, on charges that he assisted U.S. taxpayers in evading millions in taxes by hiding money in offshore trusts at multiple Swiss banks. A copy of the sealed indictment is here. Prosecutors accuse Amrein, who worked at an unidentified […]

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Swiss private bank Lombard Odier signs up to U.S. tax deal

Swiss private bank Lombard Odier signs up to U.S. tax deal

ZURICH (Reuters) – Lombard Odier & Cie on Friday became the latest Swiss bank to say it would work with U.S. officials in a crackdown on Swiss lenders suspected of helping wealthy Americans evade taxes through hidden offshore accounts. The Geneva-based bank with 203 billion Swiss francs in client assets is the biggest privately-held firm […]

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Florida judge grants $10.5 million bail for ex-UBS banker

Florida judge grants $10.5 million bail for ex-UBS banker

Florida judge grants $10.5 million bail for ex-UBS banker. Florida (Reuters) – Raoul Weil, a former high-ranking UBS banker charged with tax fraud by U.S. authorities, was ordered freed on bail of $10.5 million on Monday in federal court in Fort Lauderdale. Weil, a 54-year-old Swiss citizen, is charged with helping Americans dodge taxes via […]

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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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