…be very afraid.
Federal authorities have arrested a wealthy American client of Swiss bank UBS on charges of tax evasion.
The client, Steven Michael Rubinstein, an accountant, was arrested in Boca Raton, Fla., and charged with one criminal count of filing a false and fraudulent tax return, according to court papers unsealed on Thursday.
The arrest is the first of a major American client of UBS, which has been under criminal investigation for helping scores of wealthy Americans evade taxes through secret offshore accounts that went unreported to the Internal Revenue Service. It signals that federal authorities are making good on a promise to pursue American clients suspected of tax evasion, and in some cases to make indictments.
Don’t you mean Illegal tax cheats be afraid…
Don’t you mean Illegal tax cheats be afraid…
Same thing, different term. I’d bet cash dollars that 90% of US citizens who have Swiss Bank accounts are doing so to illegally avoid taxes or other obligations (divorce, etc.).
I thought the whole point of using a “Swiss Bank Account” was to use an actual Swiss Bank, and not just a bank owned by Swiss people, but operated in the U.S. That way the bank is not beholden to U.S. banking laws.
I don’t have enough money for it to matter.
Seems like a nice diversion from the tax cheats in the administration.
Seems like a nice diversion from the tax cheats in the administration.
Yes, because someone who apparently made some simple mistakes resulting in $7,000 back taxes over three years is exactly like a yacht company accountant who deposited $2 million in Kruggerands into his UBS account that was worth about $6 million and who set up a BVI front company to launder it back to the US.
Sorry I didn’t see that earlier. What do you figure the Justice Department is trying to do by vacating the Stevens conviction? Is that a diversion, too?
A tax cheat is a tax cheat. Does the lesser amount make it ok?
A tax cheat is a tax cheat. Does the lesser amount make it ok?
You are serious, aren’t you? Everyone who makes a mistake on their tax return, even inadvertently, is a tax cheat?
Swiss banks are so, 1950’s…
The Cayman Islands are where you want to be! 
/Pink It’s a secret plot to bring money back into US banks!
I think the Swiss Banks did the biggest mistake by handing over those bank account infos. Sure, UBS and all other Swiss Financial Institutions could have lost the right to do business here in the US, and in the past years, much of the revenue was achieved here in the US. Nevertheless, it was a huge mistake IMO. Not only did they give up their prestige and quality they’ve been known for but future revenue on US operations will never again reach those bubble era levels. Ever. I understand that they won’t hand over all accounts, only those of people that are under criminal investigations…which basically means anybody’s record as the US can easily put anybody under criminal investigation and therefore get the Swiss Banks to now hand over that information.
Stupid. That was the biggest business mistake in Swiss Banking History IMO. I’m deeply dissapointed in my countrymen. Even more dissapointed than I was for them investing in subprime paper, that was already a HUGE dissapointment. That’s about as bad as if Rollys Roys were entering the entry level car market, about as bad as Rolex starting to produce $39 plastic watches, McDonnalds trying to enter the high end restaurant business, as bad as Armani starting to design for Target, Cervelo selling bikes at Walmart, etc.
Sad that management of several Swiss Banks made decisions with their asses when investing in US mortgage backed securities (how could they not see that one coming??) but now they de-branded the Swiss Banking Business. Stupid. Absolutely stupid and they lost TRUST that will be hard to regain.
edit. I’m not for cheating in life but I’m all for adhering to contracts and for standing by your word. That’s what upsets me here.
Dude, that USA debt clock is wrong. They just wiped off one trillion of that 9 trillion debt; clock needs fixing.
G.
sorry, forgot to adjust for daylight savings. Will move forward by one trillion
