Archive by Month: May 2015

Superseding Indictment Filed in Wegelin & Co Bank Case


Posted in on May 22, 2015

Wegelin & Co. was indicted in 2012, along with three of its client advisors, Urs Frei, Michael Berlinka, and Roger Keller. Recently, in February of 2015, the U.S. government filed a superseding indictment. Wegelin & Co. was removed from the indictment because the bank has pled guilty, paid $74 million in fines and ceased operations.  Additionally, charges were limited against Keller, who has been arrested in Germany and is awaiting extradition. No change was made to the charges against the other two client advisors.

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HSBC Leaked Documents Could Spur Further Crackdowns on Tax Evasion

Offshore Account Update, UBS / HSBC

Posted in on May 8, 2015

Authorities are already convinced of the need to aggressively go after investors who may be hiding money offshore in order to avoid full compliance with tax obligations.  Estimates indicate that around $7.6 trillion in wealth is held in offshore accounts, depriving governments worldwide of around $200 billion in unpaid income tax revenue. 

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