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 / HSBCPosted 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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