October 6, 2020

Financial services firm Strachans SA, now Strachans SA in Liquidation, pleaded guilty to charges that it conspired with U.S. taxpayers and others to enable the taxpayers to conceal income and assets in offshore accounts.  Strachans services included the formation of trusts and offshore companies, management of undeclared assets held by nominee sham entities, and the facilitation of cash withdrawals by U.S. clients from the undeclared offshore entities through fake loans, sham consultancy agreements, dummy invoicing, and other methods.  Strachans, which voluntarily disclosed its conduct to the IRS in 2014, will pay a fine of $500,000.  DOJ

Tagged in: Abusive Tax Shelters, Tax Fraud,