Investment adviser and former USB AG banker was indicted for helping wealthy Americans hide unclaimed money from the IRS in offshore accounts. The USB AG bank, not included in the indictment, is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland. Martin Lack, a Swiss resident, is accused of assisting 9 U.S. clients in transferring monies to undeclared foreign accounts. In an article by David Voreacos of Bloomberg.com Ex-UBS Banker Martin Lack Is Indicted in Tax Conspiracy Case, Voreacos sites Lack’s indictment, stating that “Lack would and did solicit U.S. customers to open undeclared accounts at UBS and Cantonal Bank because Swiss bank secrecy would assist U.S. customers to conceal their ownership of the accounts,”.
Lacks is also accused of coming to the U.S. and helping clients hide large amounts of cash in said foreign accounts. Lack “…worked with a Mississippi client who gave $445,000 in cash to Lack in 2007 to open an account at the cantonal bank.” In addition to the cash exchanges, Lack also offered the advice to not declare the accounts with the IRS, provided fake documents to clients and “discouraged them from joining an IRS amnesty program”.
Read the full article Ex-UBS Banker Martin Lack Is Indicted in Tax Conspiracy Case and summary of the indictment by Voreacos here.
Hiding money in offshore accounts or not claiming your offshore account with the proper paperwork can lead to huge IRS tax problems. It is a serious crime and the IRS is cracking down on offshore tax evasion as evident the Lack’s indictment. If you or someone you know has undeclared offshore account(s) you can act now with the offshore account disclosure program with the IRS (Tax Resolution Services blogged about the program here.) Contact your tax professional or Certified Tax Resolution Specialist to help you claim your offshore accounts today.
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