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By Christian Hartmann, ReutersUBS offices in Zurich. The Swiss bank, with governmentsupport, is using all legal means to avoid being forcedinto naming names of account holders suspected ofevading U.S. taxes.
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Updated 2/20/2009 9:26 AM |
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ByKevin McCoy, USA TODAY
One is a U.S. business owner who hid atax-evasion scheme "well into the sevenfigures."Another is an elderly American who keptmoney in an offshore account over fear forthe security of the U.S. banking system.And then there are the children of parentswho survived the Holocaust and established aforeign trust account on their behalf.Their attorney says all had undeclared bankaccounts at UBS,(UBS)the Swiss bankinggiant sued Thursday by U.S. authorities in anescalated demand for the identities of ownersof approximately 52,000 such accounts in which Americanssecretly held at least $14.8 billion.They're also among a recent rush of American UBS customerswho contacted the IRS about their accounts, hoping to gainleniency for their failure to pay years of federal taxes on thesecret holdings."The rush is on," says Robert McKenzie, a Chicago attorneywho's representing the three UBS account holders plus 14others seeking similar tax settlements regarding accounts at theSwiss bank.The IRS' message is clear: "You better come in now before yourname comes out," said McKenzie, who declined to identify hisclients but agreed to discuss general outlines of their cases.The developments are part of a historic legal struggle that hascracked Switzerland's renowned reputation for banking secrecyand cast a spotlight on what a 2008 Senate hearing identified as$100 billion in annual tax evasion by American owners of foreignaccounts.U.S. authorities filed the civil lawsuit in Miami, one day afterreaching a deferred-prosecution deal in which UBS agreed to a$780 million settlement of criminal charges it helped Americancustomers evade federal taxes. The agreement required thebank to turn over identities of some of those clients.Thursday's civil lawsuit asked a federal court to enforceso-called John Doe summonses served on UBS last year for thenames of the undeclared account owners, along with details oftheir holdings.The court demand also cited roughly 52,000 suspect accounts,up from 19,000 federal authorities alleged last year.Federal authorities upped the legal ante after UBS' criminal caseacknowledgement of a 2000-2008 scheme in which its bankersused encrypted laptop computers and counter-surveillancetactics during trips to the U.S. in which they helped Americanclients evade taxes.
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"At a time when millions of Americans are losing their jobs, their homes and their health care, it is appalling thatmore than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes,"DiCicco said. "It is time for those who are trying to hide from the IRS to rethink their actions."
Posted 2/19/2009 9:27 PMUpdated 2/20/2009 9:26 AME-mail | Save | Print | Reprints & Permissions |
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2/25/2009 1:53:44 PM
Its a question of control the ego is fostered by the need to be right ? Funny thing about amass wealthand information technology it can be used against me who's disability is best?
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2/25/2009 1:48:27 PM
Its not only and educational exscuse its a two 4 one sale settle the estate for 3cent on the dollar anddrag it out until June with the digital upgrade ; yes i saw the Presidential Redress! What is this theautocrats Vs Beurocrats? Where are the legislaters on the ruling on eminent domain Public/private?One Word infrigment is'nt it the rule of law they're debating': who writing and making domestic policy?The taranny of homerule! Is the Jury still Hung? Brown Vs Board fo education was a quick fix ; whatwas the long term results the last time i checked it was limited appropiatorship not sole propiatership!No lines are finite
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2/21/2009 2:26:01 PM
Oh come on already! The attorneys won't reveal names of those who KNOWINGLYfailed to pay income taxes! Must have been big money and VERY big names to getsuch special treatment! Funny, people can get away with tax evasion, but people whohave a hand in giving people the keys to houses with bad mortgages attatched, justget bailed out.
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2/21/2009 1:39:10 AM
Let's see who is on this list and then let's see what their punishment is. Equal justice for all should bethe goal.
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2/21/2009 12:17:21 AM
I would love to see if Rosie O'Donnell, Susan Sarandon,Sean Penn and a few of the other hypocriticalHollwood mouthpieces are on that list! Would anyone be surprised?
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2/20/2009 10:01:57 PM
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Tax attorney Robert E. McKenzie comments as IRS unlocks UBS vault hiding Americans evading taxes.
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