U.S. Indicts 3 Swiss Bankers with Tax Crimes for Hiding U.S. Taxpayers Money

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Friday, March 1, 2013
Bruce Zagaris

On December 19, 2012, a grand jury indictment was issued in the U.S. District Court for the Southern District of New York against Stephan Fellman, Otto Huppi, and Christoff Reist, three former client advisers at the Kantontal Bank Zurich (KBZ), referred to as “Swiss Bank No. 1”, for conspiring with U.S. taxpayer-clients and others to hide more than $420 million in offshore accounts from the IRS, and to evade U.S. taxes on the income earned in those accounts.[1]

[1]               United States v. Stephan Fellman et al, U.S. District Court S.D.N.Y., Indictment 12 Cr. ____, 2012; U.S. Department of Justice, Manhattan U.S. Attorney Charges Three Swiss Bankers,  Press Rlease12-386, Dec. 19, 2012.