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Abusive Tax Shelters

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March 9, 2016

The Justice Department and Internal Revenue Service announced the guilty pleas of Cayman National Securities Ltd. (CNS) and Cayman National Trust Co. Ltd. (CNT), two Cayman Island affiliates of Cayman National Corporation. CNS and CNT pleaded guilty to a criminal Information charging them with conspiring with many of their U.S. taxpayer-clients to hide more than $130 million in offshore accounts from the U.S. Internal Revenue Service and to evade U.S. taxes on the income earned in those accounts. CNS and CNT entered their guilty pleas pursuant to plea agreements requiring the companies to, among other things, produce through the treaty process account files of non-compliant U.S. taxpayers who maintained accounts at CNS and CNT, and pay a total of $6 million in financial penalties. DOJ

February 4, 2016

Zurich-based Bank Julius Baer & Co. Ltd. agreed to pay $547 million to settle charges of conspiring with many of its U.S. taxpayer-clients and others to help U.S. taxpayers hide from the IRS billions of dollars in offshore accounts and evade U.S. taxes on the income earned in those accounts.  DOJ

Tax Enforcement Spotlight – Bank Julius Baer

Posted  02/8/16
By the C|C Whistleblower Lawyer Team This Tax Enforcement Spotlight features Bank Julius Baer & Co. Ltd. On Thursday, the Switzerland based financial institution agreed to pay a total of $547 million as part of a deferred prosecution agreement to settle criminal charges that the bank conspired to help many of its U.S. taxpayer-clients hide from the IRS billions of dollars in offshore accounts and evade U.S. taxes...

February 4, 2016

The Justice Department and the Internal Revenue Service announced the filing of criminal charges against Bank Julius Baer & Co. Ltd., a financial institution headquartered in Zurich, Switzerland. Julius Baer is charged with conspiring with many of its U.S. taxpayer-clients and others to help U.S. taxpayers hide billions of dollars in offshore accounts from the IRS and to evade U.S. taxes on the income earned in those accounts. The Justice Department also announced a deferred prosecution agreement with Julius Baer under which the company admits that it knowingly assisted many of its U.S. taxpayer-clients in evading their tax obligations under U.S. law. The agreement requires Julius Baer to pay a total of $547 million by no later than Feb. 9, 2016. DOJ

December 22, 2014

Bank Leumi, a major Israeli international bank, admitted that it conspired to assist US 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. The criminal conduct spanned over a 10 year period and included an array of services and products designed to keep US taxpayer accounts concealed at Bank Leumi Group’s locations in Israel, Switzerland, Luxembourg and the US. The bank agreed to pay a total of $270 million in fines and penalties and to cease to provide banking and investment services for all accounts held by US taxpayers. DOJ

November 21, 2014

Credit Suisse AG was sentenced today for conspiring to assist US taxpayers file false income tax returns the IRS. Credit Suisse pleaded guilty to conspiracy on May 19. The plea agreement, along with agreements made with state and federal agencies, provides that Credit Suisse will pay a total of approximately $2.6B: approximately $1.8B in a criminal fine and restitution, $100M to the Federal Reserve and $715M to the New York State Department of Financial Services. As part of the plea agreement, Credit Suisse acknowledged that, for decades prior to and through 2009, it operated an illegal cross-border banking business that knowingly and willfully aided and assisted thousands of U.S. clients in opening and maintaining undeclared accounts and concealing their offshore assets and income from the IRS. DOJ

May 19, 2014

Credit Suisse pled guilty to criminal charges of conspiring to help thousands of US taxpayers evade taxes and agreed to pay fines and restitution amounting to $2.6 billion. It is the first big bank to plead guilty to illegal activity since Drexel Burnham Lambert in 1989. Whistleblower Insider

March 18, 2014

California attorney Christopher Rusch was sentenced to serve 10 months in prison for helping his clients Stephen M. Kerr and Michael Quiel, both businessmen from Phoenix, hide millions of dollars in secret offshore bank accounts at UBS and Pictet & Cie in Switzerland. DOJ

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