Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

More details of offshore accounts investigations revealed

August 25, 2009 by  

More details of offshore accounts investigations revealed Federal prosecutors have announced some 150 wealthy Americans, all customers of Swiss bank UBS, are under investigation for suspected tax fraud.

They are among the more than 250 U.S. clients of UBS whose data were turned over to the IRS earlier this year as part of the initial settlement with the bank which also included a $780 million fine, according to USA Today.

According to the source, which cites records from a Florida federal court, some of those under investigation allegedly hid their ownership of the secret accounts by controlling them through entities in Hong Kong, Panama or the British Virgin Islands, a strategy revealed by former UBS banker Bradley Birkenfeld who cooperated with the U.S. authorities.

Last week, Bireknfeld was sentenced to 40 months in prison for conspiring to defraud the U.S. by helping a wealthy American real estate mogul conceal $200 million from the IRS in offshore accounts, according to the Telegraph.

Earlier this month, the IRS and UBS struck a deal whereby the government would drop a civil lawsuit against the financial institution in exchange for the bank releasing the names of more than 4,450 U.S. taxpayers with undeclared bank accounts.

ADNFCR-1961-ID-19330697-ADNFCR

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “More details of offshore accounts investigations revealed”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.