Archive by Month: March 2015

CEO Faces Jail Time, Fines for Criminal Tax Evasion

Offshore Account Update

Posted in on March 27, 2015

In 2008, the United States took legal action to require Union Bank of Switzerland (UBS) to turn over information on U.S. citizens who were keeping money in offshore Swiss accounts in order to avoid paying U.S. taxes.

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Criminal Penalties for Not Filing FBARS

Offshore Account Update

Posted in on March 13, 2015

A 77-year-old CEO of an international pulp mill company faces up to five years of incarceration for failing to report offshore accounts. The CEO, George Landegger, was chairman of Parsons & Whittemore. From the early 2000’s through 2010, he kept money in offshore Swiss bank accounts. Despite the legal requirements that U.S. citizens file an annual Report of Foreign Bank Accounts (FBAR) declaring offshore investments, Landegger kept his Swiss accounts secret.  

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