"Now ... more bankers may come forward out of fear and provide information about U.S. Taxpayers with undisclosed overseas accounts in order to prevent their own prosecution."
Washington, DC (PRWEB) December 16, 2013
Kevin Thorn of Thorn Law Group anticipates the U.S. Department of Justice's prosecution of ex- UBS banker Raoul Weil will open the floodgates for foreign bankers turning their U.S. Taxpayer clients in to the IRS in exchange for amnesty from prosecution and fines. Raoul Weil, a former banker at UBS, was indicted in November 2008 of managing 85 percent of the nearly 20,000 U.S. Taxpayers with undisclosed offshore accounts at UBS. Department of Justice Announces Indictment of Swiss Banker, Nov. 12, 2008, http://www.justice.gov/opa/pr/2008/November/08-tax-1001.html. This lead to an agreement of cooperation with UBS and the Department of Justice, which resulted in 14 Swiss banks under investigation by the U.S. and over 300 other overseas banks from around the world are now seeking to enter an Amnesty Program with the Department of Justice in order to reduce their civil and criminal penalties for helping U.S. Taxpayers allegedly hide their undisclosed overseas accounts. Swiss Banks Pressed on U.S. Disclosure Program, Dec. 9, 2013, http://www.sfgate.com/business/article/Swiss-banks-pressed-on-U-S-disclosure-program-5049368.php.
Last week, Raoul Weil was extradited, as agreed, to the U.S. after being arrested in Bologna, Italy. Ex-UBS Banker Flown to U.S. to Face Tax Fraud Trial, Dec. 14, 2013, http://www.reuters.com/article/2013/12/14/us-banker-extradition-tax-idUSBRE9BC0K520131214. Mr. Weil had been a fugitive since January 2009, through Judge James Cain of the U.S. District Court for the Southern District of Florida for failing to come forward to face sentencing after his conviction for helping U.S. Taxpayers hide their illegal undisclosed overseas offshore accounts. Mr. Weil faces up to five years in prison. http://www.reuters.com/article/2013/11/28/us-banker-extradition-tax-idUSBRE9AR0J920131128.
Kevin E.Thorn, of Thorn Law Group, who represents numerous U.S. taxpayers with undisclosed offshore bank accounts from around the world in the IRS Amnesty Program, states, "U.S. taxpayers with undisclosed offshore accounts face substantial risk of civil penalties and possibly criminal prosecution by not coming forward at this time. Now with the extradition of Raoul Weil, more bankers may come forward out of fear and provide information about U.S. Taxpayers with undisclosed overseas accounts in order to prevent their own prosecution.”
He continues, “The Department of Justice and the Internal Revenue Service will continue to put pressure on all foreign banks and their managers in order to obtain American client information and bring United States taxpayers back into compliance."
For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at http://www.thorntaxlaw.com/.
About Thorn Law Group, PLLC: Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.
Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC