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Wegelin & Co. Swiss Bankers Indicted for Tax Evasion

Offshore Account Update

Posted in on August 15, 2011

A grand jury returned indictments against three client advisers, Michael Berlinka, Urs Frei, and Roger Keller, who were employed under Swiss private bank Wegelin and Co. These advisers were charged of conspiring with their U.S. clients to assist in maintaining undisclosed offshore accounts from the IRS. According to the indictment, the three allegedly instructed prospective U.S. clients that their account information would be safe at Wegelin because of the bank’s small size and because it had no branches outside Switzerland.

The Justice Department has alleged that the three individuals helped conceal more than $1.2 billion in assets for U.S. taxpayers. U.S. taxpayers with undisclosed offshore accounts held at Wegelin & Co. should voluntarily disclosure their foreign accounts through the IRS’s traditional Voluntary Disclosure Program in order to avoid potential civil and/or criminal penalties.

The attorneys at Thorn Law Group have experience in assisting U.S. taxpayers into compliance through the 2011 IRS Voluntary Disclosure Program. If you have an undisclosed offshore account contact Thorn Law Group now before it's too late!


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