Attorneys for jailed former Swiss banker Bradley Birkenfeld announced Tuesday that the IRS will pay him $104 million as a whistleblower reward for information he turned over to the US government.
The information Birkenfeld revealed detailed the inner workings of the secretive private wealth management division of the Swiss bank UBS [UBS 12.55 0.27 (+2.2%) ], where the American-born Birkenfeld helped his US clients evade taxes by hiding wealth overseas.
At one point during his private banking career, Birkenfeld reportedly brought diamonds across the US border secured inside a toothpaste tube.
Tuesday's announcement represents an astonishing turn of fortune for Birkenfeld, who was released from federal prison in August after serving 31 months on charges relating to his efforts to help a wealthy client avoid taxes.
He is currently under home confinement in New Hampshire. The terms of his probation prevented Birkenfeld from attending the press conference announcing his windfall.
Birkenfeld attorney Stephen Kohn said the information the former Swiss banker
Tuesday, September 11, 2012
Once Jailed Banker Gets $104 Million Whistleblower Payout
Only in America....
