Earlier this week, two Julius Baer Group Ltd. client advisers were charged with helping U.S. customers
\nof the Zurich- based bank evade taxes, according to an indictment and a person
\nwith knowledge of the matter.<\/p>\n
Daniela Casadei and Fabio Frazzetto conspired with more than 180 U.S. clients and
\nothers at the bank to hide at least $600 million in assets from the Internal
\nRevenue Service, according to the indictment in federal court in New York and
\nthe person, who wasn\u2019t authorized to speak about the matter. The indictment
\nrefers to the bank as Swiss Bank No. 1.<\/p>\n
Baer, the Alpine country\u2019s fifth-biggest wealth manager, said it cannot comment on the
\nindictments or the U.S. government investigation. Casadei and Frazzetto were not
\navailable for comment through a call to the bank, and Martin Somogyi, a Baer
\nspokesman, declined to put Bloomberg in touch with either.<\/p>\n
The charges come amid a U.S. crackdown that includes grand jury investigations of
\neight foreign banks. Prosecutors have filed tax charges against three dozen
\nformer U.S. clients of UBS AG and Credit Suisse Group AG, Switzerland\u2019s two
\nbiggest banks, and London-based HSBC Holdings Plc, Europe\u2019s biggest bank. At
\nleast 21 bankers, advisers and attorneys also have been charged.<\/p>\n
The charges appear to be just the beginning of numerous expected charges against
\nvarious foreign banks stuck in the crackdown. The bank clients are especially
\nvulnerable to exposure during the crackdown.\u00a0Our law firm represents many such customers involved with the foreign banks in OVDI and VDP disclosures to avoid future possible complications and prosecution.<\/p>\n
The new indictment cites 15 clients, without identifying them, who allegedly used
\nCasadei or Frazzetto to hide their accounts. About 30,000 U.S. taxpayers have
\navoided prosecution since 2009 by voluntarily disclosing offshore accounts to
\nthe IRS. The Justice Department has interviewed many of them in building new
\ncriminal cases.<\/p>\n
Baer\u2019s Casadei worked at the bank from the early 1990s through last year, and
\nFrazzetto worked there from 2005 until last year, according to the new
\nindictment. Both men, who live in Switzerland, are charged with conspiracy and
\nface as long as five years in prison.<\/p>\n
They opened undeclared accounts for taxpayers under fictional names such as
\n\u201cHydrangea\u201d and \u201cRed Rubin\u201d.\u00a0 Casadei, Frazzetto and others told U.S. clients that their accounts would not be disclosed to the IRS because of the Swiss long tradition of bank secrecy, the bank no longer had offices in the United States, making it less vulnerable to pressure from U.S. law enforcement authorities than other Swiss banks with a presence in the U.S.<\/p>\n
Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and\u00a0defends) clients and their advisors to legally disclose (and legitimize) foreign accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"
Earlier this week, two Julius Baer Group Ltd. client advisers were charged with helping U.S. customers of the Zurich- based bank evade taxes, according to an indictment and a person with knowledge of the matter. Daniela Casadei and Fabio Frazzetto conspired with more than 180 U.S. clients and others at the bank to hide at […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1269","post","type-post","status-publish","format-standard","hentry","category-planning-for-tax-minimization"],"_links":{"self":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/comments?post=1269"}],"version-history":[{"count":0,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/posts\/1269\/revisions"}],"wp:attachment":[{"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/media?parent=1269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/categories?post=1269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/patellawoffices.com\/blog\/wp-json\/wp\/v2\/tags?post=1269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}