tax evasion

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UBS Closes 19,000 US Accounts in IRS Probe

Swiss banking secrecy collapses as investors face tax evasion charges

(Newser) - Under pressure from the IRS, Swiss banking giant UBS is closing the offshore accounts of about 19,000 Americans suspected of evading taxes. UBS will transfer the clients' assets to other banks, other divisions of UBS, or the account holders themselves—creating a paper trail that the feds can examine....

Feds Indict UBS Exec on Tax Evasion Charges

Raoul Weil has headed wealth management division since 2002

(Newser) - The US Department of Justice indicted UBS’ head of global wealth management for enabling the Swiss bank’s American clients to avoid taxes, the Financial Times reports. Although authorities are only specifically pursuing Raoul Weil at this time, they hold that several senior UBS executives are “unindicted co-conspirators.”...

NY Governor's Top Aide Quits Over Tax Row

Deputy blames his $300K in unpaid taxes on 'late-filing syndrome'

(Newser) - The chief aide to New York's governor has resigned after it was revealed that he failed to pay taxes for 5 years, the New York Times reports. David Paterson’s top deputy, Charles O'Byrne, built up a $300,000 backlog of taxes from 2001. He was suffering from depression at...

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

(Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared...

'Language Barrier', Not Tax Evasion: Rangel

Powerful congressman sorry for screw-up

(Newser) - Rep. Charles Rangel blamed his failure to pay taxes on his rental income from a Caribbean villa to “cultural and language barriers,” reports the New York Times. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” Rangel said of his attempts to...

Rangel Didn't Pay Taxes on Dominican Villa

Chief of tax-writing panel fails to report $75,000 in income

(Newser) - Rep. Charles Rangel, chairman of the tax-code-writing Ways and Means Committee, failed to report more than $75,000 in rental income from a Dominican villa he purchased in 1988, the New York Times reports. But Rangel never noticed the error, his lawyer says, because his wife handles his finances. “...

In Pursuit of Bonds, Feds Put Screws on Trainer's Family

Anderson long mum in baseball steroids case

(Newser) - Federal authorities are still trying to get Greg Anderson, Barry Bonds’ former personal trainer, to testify about the baseball star’s steroid use, the New York Times reports, and may prosecute his wife and mother-in-law on tax charges to coerce him. “I have never heard anything like this,”...

UBS: No More Swiss Cheese for US Clients

Bank under scrutiny for aiding tax evasion apologizes, shuts door

(Newser) - A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US...

Ex-Samsung Boss Convicted in Tax Case

But S. Korean court hands Lee Kun-hee suspended sentence

(Newser) - A South Korean court convicted former Samsung Chairman Lee Kun-hee of tax evasion today, but handed the country's iconic business figure a 3-year suspended sentence, leaving him free from prison, reports the AP. The Seoul court found Lee, who resigned in April when the charges were brought, guilty of not...

Feds Battle UBS to Give Up Tax Dodgers

Swiss bank pressed for names of US customers

(Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes....

Sleight of Hand Has IRS After Billionaire

Anschutz owes $143M on gains, feds say; he claims technicality

(Newser) - The IRS is going after the US’ 41st-richest man, the Wall Street Journal reports, as part of a larger move to curtail one method of skirting capital-gains taxes. Philip Anshutz owes $143.6 million in back taxes on a “variable prepaid forward contract” deal he made in 2000 and...

UBS Case May Reveal Secrets of the Rich

Swiss bank considers divulging names of 20,000 US clients

(Newser) - The Swiss bank UBS built itself into a financial powerhouse on the strength of its private wealth management division, in which discreet bankers tended to the fortunes of the world's elite. But a major American tax evasion probe may lead UBS to do what was once unthinkable: divulge its secrets....

Survivor Winner Appeals Tax Conviction to Supreme Court

Hatch hopes to get out of jail soon

(Newser) - Original Survivor winner Richard Hatch has appealed his tax evasion conviction to the US Supreme Court, reports E! Online. Hatch is serving a four-year sentence for failing to report his $1 million winnings from the reality show. He claims that CBS executives promised to pay the taxes after he caught...

Feds Detain Top UBS Banker in Tax-Fraud Probe

Swiss giant's fortunes go from bad to worse

(Newser) - Already reeling from record losses and preparing to cut 5,500 jobs, UBS has acknowledged the Department of Justice is investigating the mega-bank for helping its wealthiest clients evade taxes. The feds "briefly detained" one of the Swiss firm's most senior private bankers as a "material witness,"...

Homes Raided Nationwide in German Tax Fraud Probe

$5B tax dodge crackdown

(Newser) - The fallout from Germany's enormous tax evasion scandal continued yesterday as police began a nationwide raid of the homes and offices of over a hundred people. More than 1,000 rich Germans are suspected of cheating the German treasury out of $5 billion by transferring huge sums to banks and...

IRS Takes on Action Star Snipes in Court

Tax fraud conviction could net actor up to 16 years in slammer

(Newser) - Action movie star Wesley Snipes tomorrow faces his toughest opponent yet: the IRS in a Florida court. Snipes could face up to 16 years in prison if he's convicted of failing to report the $37.9 million he earned between 1999 and 2004, and filing for $11.3 million in...

Rudy's Top Cop to Be Indicted
Rudy's Top Cop to Be Indicted
Nov 8, 2007 6:57 AM CST

Rudy's Top Cop to Be Indicted

Giuliani pal and former New York police commissioner faces corruption charges

(Newser) - Federal prosecutors expect to have an indictment by the end of the week against  Giuliani pal Bernard Kerik for accepting illegal gifts when he was New York City corrections chief and police commissioner. The charges include tax evasion, tax fraud and public corruption, the Washington Post reports. The charges are...

OJ, Warwick on IRS Naughty List
OJ, Warwick on IRS Naughty List
Oct 18, 2007 9:03 AM CDT

OJ, Warwick on IRS Naughty List

California tries to shame tax delinquents into paying up by posting names

(Newser) - The California Franchise Tax Board has published a list of 224 of the worst tax dodgers in hopes that public humiliation will succeed where strongly worded warning letters have failed in collecting big tax debts. The list includes OJ Simpson, with a debt of $1.4 million, and singer Dionne...

Ciprianis Fined for Tax Evasion but Bellinis Safe

Restaurateurs to pay $10M, but save crucial liquor licenses

(Newser) - The owners of Cipriani, the chain of upscale Italian restaurants in New York and Venice, will pay a $10 million fine after pleading guilty to tax evasion, but they won't go to jail and, at least for now, they'll keep the liquor licenses for their New York outlets. Paterfamilias Arrigo...

Feds Nab Tax Evaders With No Bloodshed

New Hampshire couple gets 5+ years in prison after standoff

(Newser) - US Marshalls arrested an anti-tax couple yesterday after an 8-month standoff in New Hampshire, the Concord Monitor reports. Holed up in a solar-powered, concrete home, Ed and Elaine Brown vowed to leave "either as a free man and as a free woman or in body bags." The Browns...

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