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Yearly Archives: 2012

Principal of Red Sea Management Sentenced to 20 Years.

May 14, 2012

Jonathan Curshen, 47, the principal of Red Sea Management and Global Securities and Honorary Consul to Costa Rica for St. Kitts & Nevis was sentenced to 20 years in prison for a $7 Million Stock Manipulation Fraud in Miami on Friday last week.

Curshen and his co-defendant, Las Vegas stock promoter Nathan Montgomery, were involved in a scheme to illegally manipulate the stock price of CO2 Tech.
The evidence further showed that, from approximately 2003 through 2008, Curshen operated Red Sea as a money laundering hub in Costa Rica that established bank accounts and brokerage accounts in the United States and Canada under false pretenses and through nominee owners. The evidence further showed that Curshen and his co-conspirators laundered the proceeds of the stock fraud from accounts in the United States to an account in Canada, all in an effort to conceal and disguise the nature and source of the proceeds.
Stock promoters Barham and Weidenbaum were sentenced yesterday to 30 months and 26 months in prison, respectively. Michael Krome, a securities attorney from New York, who participated in the conspiracy and evaded federal securities registration requirements, was sentenced yesterday to 34 months in prison. Reynolds is scheduled to be sentenced at a later date.
Posted on 14May 2012 by Naomi Cohen

Read more at: Tax Times blog

Facebook's Co-Founder Just Defriended America

May 14, 2012

Face book's Mark Zuckerberg may get all the hype in the romping road show run-up to the company’s historic IPO.
But the latest news-grabbing Facebook co-founder is Eduardo Saverin, best known for his bitter legal battle with Mr. Zuckerberg as portrayed in the move The Social Network.
Now Mr. Saverin may become even more renowned for renouncing his U.S. citizenship ahead of the company’s IPO. In fact, it turns out he did it a good deal ahead of the IPO, and that’s likely to matter.
If you want to "Expatriate" save US taxes, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free 888 882 9243 (888 8 TaxAid).

Read more at: Tax Times blog

Swiss Bank Whistle-Blowers Have Handed Over Data to U.K.

May 14, 2012

Bloomberg - Whistle-blowers at two Swiss banks have handed over client account data to U.K. tax authorities, according to two people with knowledge of the matter.

The Revenue Authorities are examining the data before writing to U.K. resident account holders and sharing the information with other countries.
At least one of the banks is foreign-owned and has clients spanning more than 100 jurisdictions.

If you have unreported Foreign Bank Income, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free 888 882 9243 (888 8 TaxAid).

 

Read more at: Tax Times blog

Foreign Banks refuse to handle accounts of Americans.

May 14, 2012

That's what some of the world's largest wealth-management firms are saying ahead of Washington's implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts.
HSBC Holdings, Deutsche Bank, Bank of Singapore and DBS Group Holdings all say they have turned away business. "I don't open US accounts, period," said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asia's largest lender, who described regulatory attitudes toward US clients as "Draconian."
The government needs to be tougher on offshore tax crimes than it has been, said US Representative Richard Neal, a Massachusetts Democrat and one of the original sponsors of the legislation. Fatca, introduced after Zurich-based UBS said in 2009 that it aided tax evasion by Americans and agreed to pay $780 million (Dh2,868 million) to avoid prosecution, is already helping to improve banking transparency, he said.
"Most of the hedge funds I know in Asia won't take American clients," said Faber.
Bank of Singapore, the private-banking arm of Oversea-Chinese Banking, ranked strongest in the world for the last two years by Bloomberg Markets magazine, has turned away millions of dollars from Americans because it doesn't want to deal with the regulatory hassle, according to Chief Executive Officer Renato de Guzman. The bank had $32 billion under management as of the beginning of the year.
At industry meetings he attends in Singapore, not accepting US clients is "quite a prevailing sentiment," de Guzman said. There are 18 private banks operating in Singapore, including units run by UBS, Credit Suisse Group, Deutsche Bank and HSBC, he said.
For more go to: Gulfnews.com

Read more at: Tax Times blog

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