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
Showing posts with label UBS. Show all posts
Showing posts with label UBS. Show all posts
Tuesday, September 11, 2012
Once Jailed Banker Gets $104 Million Whistleblower Payout
Only in America....
Tuesday, September 8, 2009
Alternate reality
This is the world we're now living in kids. It's one were the privileged are allowed
to do just about anything they want, and to make up for that privileged loss of revenue, YOU will be scrutinized just that much more.
And we let them WHY?
http://www.wtop.com/?nid=111&sid=1743474
US to detail accord with Swiss over UBS accounts
Experts predict the accord will force the bank to hand over up to 5,000 of the 52,000 names sought by the IRS. The conditions of the handover will be such that Switzerland will not break its own banking secrecy laws, the Swiss government has pledged.
UBS has admitted to helping some U.S. clients hide large sums of money in offshore accounts. The bank earlier this year turned over more than 250 client names and paid a $780 million penalty in a deferred prosecution agreement with the U.S.
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IRS to Mine Payment Data on Mortgages
http://online.wsj.com/article/SB125176078680774177.html
The Internal Revenue Service will expand a program designed to catch tax cheats that searches for inconsistencies between mortgage payments and income.
After prompting from an IRS auditor, the agency will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The IRS currently uses such data to send notices to non-filers who it believes should have filed a return.
The data could also be used to target for audits individuals who don't file tax returns, or who report less income than they paid in mortgage interest, according to a letter released Monday by the Treasury inspector general for tax administration.
The IRS move will expand a regional research project on mortgage interest to a nationwide level by December 2011. Such initiatives, called Compliance Initiative Projects, typically involve examination of a small number of tax returns to evaluate new enforcement strategies.
Howard Levy, a tax attorney with the Cincinnati firm Voorhees Levy, said mortgage-interest data might be the best source of information the IRS has on small-business owners, such as roofers or carpenters, who are paid in cash and don't report all their income to the IRS.
"That [IRS Form] 1098 might be one of the few trails IRS could pursue to find out if there is income coming in," Mr. Levy said.
One Republican lawmaker cautioned Monday that the IRS plan could snare taxpayers who have coped with job losses by borrowing or using savings or retirement accounts to make their house payments.
"We shouldn't presume that
to do just about anything they want, and to make up for that privileged loss of revenue, YOU will be scrutinized just that much more.
And we let them WHY?
http://www.wtop.com/?nid=111&sid=1743474
US to detail accord with Swiss over UBS accounts
Experts predict the accord will force the bank to hand over up to 5,000 of the 52,000 names sought by the IRS. The conditions of the handover will be such that Switzerland will not break its own banking secrecy laws, the Swiss government has pledged.
UBS has admitted to helping some U.S. clients hide large sums of money in offshore accounts. The bank earlier this year turned over more than 250 client names and paid a $780 million penalty in a deferred prosecution agreement with the U.S.
----------------------------------------------------------------------------------
IRS to Mine Payment Data on Mortgages
http://online.wsj.com/article/SB125176078680774177.html
The Internal Revenue Service will expand a program designed to catch tax cheats that searches for inconsistencies between mortgage payments and income.
After prompting from an IRS auditor, the agency will study whether it should make greater use of data on mortgage-interest payments provided to it by banks. The IRS currently uses such data to send notices to non-filers who it believes should have filed a return.
The data could also be used to target for audits individuals who don't file tax returns, or who report less income than they paid in mortgage interest, according to a letter released Monday by the Treasury inspector general for tax administration.
The IRS move will expand a regional research project on mortgage interest to a nationwide level by December 2011. Such initiatives, called Compliance Initiative Projects, typically involve examination of a small number of tax returns to evaluate new enforcement strategies.
Howard Levy, a tax attorney with the Cincinnati firm Voorhees Levy, said mortgage-interest data might be the best source of information the IRS has on small-business owners, such as roofers or carpenters, who are paid in cash and don't report all their income to the IRS.
"That [IRS Form] 1098 might be one of the few trails IRS could pursue to find out if there is income coming in," Mr. Levy said.
One Republican lawmaker cautioned Monday that the IRS plan could snare taxpayers who have coped with job losses by borrowing or using savings or retirement accounts to make their house payments.
"We shouldn't presume that
Friday, August 14, 2009
US Builds Crime Cases on Clients of UBS
http://www.cnbc.com/id/32413524
Oh happy day the gov is thrilled with the 400 names out of the 52,000 who ripped off our country through willful and purposeful tax evasion.
And we wonder why our country is in the sad shape it's in, my guess is that it's from decisions made just like this one.
Federal prosecutors are building criminal cases against 150 wealthy American clients of the Swiss banking giant UBS as part of a continuing investigation into tax evasion, a person briefed on the matter said Thursday.
Many of the inquiries, which are being handled by dozens of prosecutors around the country, will result in criminal complaints, said this person, who was not authorized to speak publicly. While it is not clear where the government got the 150 names, federal investigators received 285 names from UBS in February as part of a settlement, as well as names from other sources. In February, UBS agreed to pay $780 million to settle charges that it had helped American clients evade taxes on nearly $20 billion hidden in offshore accounts.
A day later, the Justice Department filed a civil suit seeking to require UBS to disclose the names of 52,000 clients. Of the names on the agency’s original list, prosecutors are focusing on several thousand Americans with offshore accounts containing tens to hundreds of millions of dollars, the person said.
On Wednesday, the Justice Department and UBS reached an agreement on the disclosure of additional names. Under it, UBS will release the names of clients who fit criteria set by the Justice Department.
A second person close to the matter who also was not authorized to
Oh happy day the gov is thrilled with the 400 names out of the 52,000 who ripped off our country through willful and purposeful tax evasion.
And we wonder why our country is in the sad shape it's in, my guess is that it's from decisions made just like this one.
Federal prosecutors are building criminal cases against 150 wealthy American clients of the Swiss banking giant UBS as part of a continuing investigation into tax evasion, a person briefed on the matter said Thursday.
Many of the inquiries, which are being handled by dozens of prosecutors around the country, will result in criminal complaints, said this person, who was not authorized to speak publicly. While it is not clear where the government got the 150 names, federal investigators received 285 names from UBS in February as part of a settlement, as well as names from other sources. In February, UBS agreed to pay $780 million to settle charges that it had helped American clients evade taxes on nearly $20 billion hidden in offshore accounts.
A day later, the Justice Department filed a civil suit seeking to require UBS to disclose the names of 52,000 clients. Of the names on the agency’s original list, prosecutors are focusing on several thousand Americans with offshore accounts containing tens to hundreds of millions of dollars, the person said.
On Wednesday, the Justice Department and UBS reached an agreement on the disclosure of additional names. Under it, UBS will release the names of clients who fit criteria set by the Justice Department.
A second person close to the matter who also was not authorized to
Sunday, July 12, 2009
US, Swiss ask for delay in UBS secrecy case
http://finance.yahoo.com/news/US-Swiss-ask-for-delay-in-UBS-apf-2049085334.html?x=0&sec=topStories&pos=4&asset=&ccode=
Anything less than a list of the 52,000 makes the IRS a total scam and the rest of us poor Americans should tell them to take their tax and shove it where the sun don't shine.
The U.S. and Swiss governments and banking giant UBS AG indicated Sunday they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service's effort to identify thousands of suspected American tax evaders.
The one-page motion, filed in Miami less than 24 hours before the hearings were to begin Monday, said postponement is needed "to allow the two governments to continue their discussions seeking a resolution of this matter."
Unless a deal is reached beforehand, the filing asks that the hearing be rescheduled for Aug. 3.
U.S. District Judge Alan S. Gold did not immediately rule on the request, but judges routinely allow parties in civil cases extra time to settle out of court.
In a statement, the U.S. Justice Department said any agreement would have to require that UBS provide "information on a significant number of individuals with UBS accounts."
"If an alternative resolution is not reached, the Department of Justice will continue to vigorously pursue enforcement of the summons through the court," the statement said.
The case seeking the identities of some 52,000 wealthy American clients suspected of hiding $15 billion at UBS has already sent shock waves through the international banking system.
Bankers fear a ruling against UBS would disrupt cross-border commerce, force people to withdraw huge sums of money from financial entities with offshore offices and play havoc with international tax treaties. Experts say some other foreign banks are asking American clients to close out accounts for fear they may be targeted next.
"The precedent this case may set is of immediate relevance to all financial institutions with global operations," the Institute of International Bankers
Anything less than a list of the 52,000 makes the IRS a total scam and the rest of us poor Americans should tell them to take their tax and shove it where the sun don't shine.
The U.S. and Swiss governments and banking giant UBS AG indicated Sunday they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service's effort to identify thousands of suspected American tax evaders.
The one-page motion, filed in Miami less than 24 hours before the hearings were to begin Monday, said postponement is needed "to allow the two governments to continue their discussions seeking a resolution of this matter."
Unless a deal is reached beforehand, the filing asks that the hearing be rescheduled for Aug. 3.
U.S. District Judge Alan S. Gold did not immediately rule on the request, but judges routinely allow parties in civil cases extra time to settle out of court.
In a statement, the U.S. Justice Department said any agreement would have to require that UBS provide "information on a significant number of individuals with UBS accounts."
"If an alternative resolution is not reached, the Department of Justice will continue to vigorously pursue enforcement of the summons through the court," the statement said.
The case seeking the identities of some 52,000 wealthy American clients suspected of hiding $15 billion at UBS has already sent shock waves through the international banking system.
Bankers fear a ruling against UBS would disrupt cross-border commerce, force people to withdraw huge sums of money from financial entities with offshore offices and play havoc with international tax treaties. Experts say some other foreign banks are asking American clients to close out accounts for fear they may be targeted next.
"The precedent this case may set is of immediate relevance to all financial institutions with global operations," the Institute of International Bankers
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