Home > Department of Justice, International > Latest Victims of Operation Offshore

Latest Victims of Operation Offshore

Reuters is reporting that several overseas bankers and advisers were charged today in the Southern District of New York with assisting wealthy Americans evade millions in U.S. taxes. In 2008, Beda Singenberger, who is among the charged, allegedly told his clients that U.S. authorities were closing in on UBS, a giant Swiss bank, for assisting account holders with U.S. tax evasion, and helped them move their hidden funds elsewhere. Interest holders of “Lucky Funds Overseas,” one of the sham entities set up by Singenberger, seem to have won the reverse lottery.

This action is only a small piece to the large pie of U.S. taxpayers and their advisers who the Department of Justice and Internal Revenue Service have sought for hiding income-producing assets offshore. Don’t expect U.S. authorities to slow down anytime soon. I expect the opposite to occur in the near future, as informational reporting requirements for offshore accounts and assets are expanding.

Update: Thanks to Jack Townsend at his blog Federal Tax Crimes, here is a copy of the indictment against Beda Singenberger.

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