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Credit Suisse & Wegelin Client Pleads Guilty to FBAR Violation.

Credit Suisse & Wegelin Client Pleads Guilty to FBAR Violation.

An 83-year-old Massachusetts man who held Swiss bank accounts at Credit Suisse Group AG (CSGN) and Wegelin & Co. pleaded guilty to hiding $5.7 million from U.S. tax authorities.

Jacques Wajsfelner admitted in federal court in Manhattan that he failed to file Foreign Bank and Financial Accounts Reports. He will pay civil penalties of $2.84 million and restitution of $419,940 and under advisory guidelines, he faces 30 months to 37 months in prison at sentencing on Dec. 20.

Wajsfelner’s former Swiss adviser, Beda Singenberger, was indicted last year on a charge of conspiring to help more than 60 U.S. taxpayers hide $184 million from the Internal Revenue Service in offshore accounts.

Wajsfelner admitted that he held an account in his own name at Credit Suisse in 1995, and Singenberger helped him open one there in 2006 in the name of Ample Lion Ltd. At the end of 2007 the account held almost $5.7 million, court records show.
 

If you have have Unreported Income From a Foreign Bank, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax and/or Criminal Consultation at www.TaxAid.usor www.TaxLaw.msor Toll Free at 888-8TaxAid (888 882-9243).

 

Sources:

Business Week

 

Read more at: Tax Times blog

 
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