The co-owner and CEO of a California investment firm recently pleaded guilty to federal charges of tax fraud and wire fraud. According to reports, the 66-year-old Diamond Bar man operated a day-trading scheme that took in $49 million from investors from 2005-2011. He...
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Month: March 2013
Swiss Bank Wegelin Sentenced to Pay almost $58 Million to the U.S for Conspiracy to Evade Tax
Yesterday, a U.S. court sentenced Swiss Wegelin & Co. to pay almost $58 million (on top of almost $16 million in forfeitures) for helping Americans evade taxes on $1.2 billion in Swiss accounts. In this historic first, the U.S. indicted a foreign bank and obtained...
FinCEN
The Financial Crimes Enforcement Network (FinCEN) has proposed changes to the FBAR to standardize it with other BSA electronically filed reports, add the capability for a third party preparer to file the report and record taxpayer identification numbers. To review the...