Another UBS client Pleads Guilty (7/15/11)

Taxpayer: Anton Ginzburg
Banks : UBS AG
Entities: ?
Guilt: By Plea Agreement - failure to file FBAR (maximum incarceration 5 years).
Tax Loss: Not specified in the press release.
FBAR Penalty: $1,552,606.50 (50% of highest amount (which readers will recall is standard for plea deals).
Court: ED NY
Judge: U.S. Magistrate Judge Robert Levy

The USAO ED NY press release is here. 

News Reports:
Thorn Weidlich, Ex-UBS Customer Pleads Guilty to Hiding Swiss Bank Account (Bloomberg 7/14/11)

I will try to get the court documents and supplement this information and the spreadsheet later.  I will also probably post links to other news reports or comments.

DOJ Investigating Credit Suisse (7/15/11)

In a July 15 press release, Credit Suisse advised:

As previously disclosed, Credit Suisse has been responding to requests for information, including subpoenas, in an investigation by the US Department of Justice (DoJ) and other US authorities. The investigation concerns historical Private Banking services provided on a cross-border basis to US persons. As part of this process, on July 14, 2011, Credit Suisse received a letter notifying it that it is a target of the DoJ investigation. It has been reported that the US authorities are conducting a broader industry inquiry. Subject to our Swiss legal obligations, we will continue to cooperate with the US authorities in an effort to resolve these matters.

Comments:
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Jeopardy Assessment and Levy on Fine Excess (7/14/11)

Readers -- at least readers other than those solely interested in foreign financial account stuff -- will surely remember the infamous criminal case involving KPMG related defendants.  The case became a cause celebre in the white collar crime arena because 13 defendants were dismissed because of the Government's prosecutorial abuse in forcing KPMG to withdraw attorney fee support for those 13 defendants.  One of the remaining defendants and two others were convicted in the much skinnied down criminal trial.  The judge imposed a fine of $6,000,000 when the statutory maximum fine for the counts of conviction was $3,000,000. Larson paid the fine. Larson and the others convicted also appealed their convictions.  Larson also complained about the fine.  The Second Circuit sustained the convictions but, in a separate opinion, vacated the fine with remand to set the fine correctly. United States v. Pfaff, 619 F.3d 172 (2d Cir. 2010). Although Larson is incarcerated, I suspect he surely relished the prospect of getting $3,000,000 back.
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