Julius Baer Bankers Said to Be Charged in Tax Probe by U.S.

[alp227]

Source: Bloomberg

Two Julius Baer Group Ltd. client advisers were charged with helping U.S. customers of the Swiss bank evade taxes, according to an indictment and a person familiar with the matter.

Daniela Casadei and Fabio Frazzetto conspired with more than 180 U.S. clients and others at the bank to hide at least $600 million in assets from the Internal Revenue Service, according to the indictment in federal court in New York and the person, who wasn’t authorized to speak about the matter. The indictment refers to the bank as Swiss Bank No. 1.

The charges come amid a U.S. crackdown that includes grand jury investigations of eight foreign banks. Prosecutors have filed tax charges against three dozen former U.S. clients of UBS AG and Credit Suisse Group AG, Switzerland’s two biggest banks, and London-based HSBC Holdings Plc, Europe’s biggest bank. At least 21 bankers, advisers and attorneys also have been charged.

“First we saw UBS, then we saw Credit Suisse, then we saw HSBC, now we have Julius Baer,” said Jeffrey Neiman, a former federal prosecutor who practices law in Fort Lauderdale, Florida.

Read more: http://www.businessweek.com/news/2011-10-12/julius-baer-bankers-said-to-be-charged-in-tax-probe-by-u-s-.html

[JDPriestly]

1. Finally. Now, when do we go after the Cayman Island accounts?

[EdMaven]

2. "The leading independent private bank in switzerland". Hmm, I wonder which group

of international banksters is attacking which?

Capitalist war ongoing.

no american banks help their customers evade taxes? what?

2002: Raymond J. Baer is named chairman.

Still family-run after 100+ years. Hmmmmmmmmm

Principal Competitors:

UBS AG; Lavoro Bank AG; Schweizerische Nationalbank; EFG Bank European Financial Group; HSBC Republic Bank Suisse S.A; Graubundner Kantonalbank Chur; Valiant Holding; Coutts Bank Schweiz AG; Banque Privée Edmond de Rothschild S.A.; Banca Unione di Credito; BDL Banco di Lugano; Luzerner Regiobank; Bank Sarasin und Co.; Clariden Bank Group; Bank Linth; Corner Banca S.A; Gewerbekasse in Bern; Bank Hofmann AG; Bank Hapoalim Switzerland Ltd.; WIR Bank.

[Demeter]

3. American banks help foreign nationals evade their taxes

There's reciprocity, you know. Honor amongst bankers....

I have wondered at the US going after offshore tax cheating, myself. It isn't in character, after 100+ years of income tax in this country, to realize at last that there's ways for rich people to evade their patriotic duty. Maybe it's just that the "little rich" were getting too presumptuous in their prerogatives.

[EdMaven]

4. i have the same question -- why now? hard to know what's going on in these times.

going after presumptuous little people seems like a good bet.

[wordpix]

5. drip, drip, I wish it were a gusher but by the time the banksters are in jail

I'll be dead and gone.