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Justice Department catches former U.S. citizen in Switzerland

In a stirring narrative that brings to mind images of Frank Abagnale from “Catch Me If You Can,” a former U.S. citizen pleaded guilty to tax fraud while living in Switzerland. This particular individual used a complex association of companies and bank accounts to funnel money around the world, with the alleged goal of avoiding his taxes. Unfortunately for this particular individual, there are only two certainties in this world ? death and taxes.

He may have tried his best to thwart the IRS and Justice Department, however, he was unsuccessful. This particular person established a company in Hong Kong. This company then opened a Swiss bank account in its own name, specifically omitting the individual’s name. Later in the year, said Hong Kong company received a cash infusion of $12 million that that had as its origin a Panamanian company. That Panamanian company is named after the very individual that started this whole story.

This person’s guilty plea was in response to his 2007 and 2008 tax returns. Specifically, he failed to report $77,298 and $206,408 in interest income on the Swiss bank account mentioned above.

If you are facing an investigation or charges for tax fraud, then you may want to speak to a lawyer. A conviction for tax fraud could result in heavy fines or even a prison sentence. Even mere allegations of such impropriety might profoundly harm your reputation.

Assistant U.S. Attorneys do have a lot of autonomy to prosecute their own cases. This means that your fate could be left in the hands of someone young and ambitious, a deadly combination.

Source: Department of Justice, “Former U.S. Citizen Pleads Guilty to Tax Fraud Related to Swiss Financial Account,” Office of Public Affairs, Feb. 3, 2016


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