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IRS tracking UBS clients visited in the US
Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/27/2009 10:09:01 AM

By: Sherlock Holmes

No great sleuthing required here. The IRS has very simply (1) identified the UBS representatives who visited the U.S.; (2) obtained copies of their cellular phone activity while in the U.S. (and maybe before that too depending on their service providers); and (3) matched up the numbers on the cellular bills against the tax cheats in the U.S. whom the UBS representatives met with.

Have an unreported UBS account? It may now be too late if your telephone number appears on one of the aforementioned activity statements.

And if the IRS can do this with UBS then why not with other Swiss and foreign banks as well?


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/27/2009 8:08:18 AM

By: knightmare3000

I am certain that the IRS can also avail itself of the US POSTAL INSPECTOR SERVICE and can conduct searches of mail as it enters the US to suspected clients. I personally have Swiss accounts . I report them on FINCEN's TDF 90.22.1 faithfully. still correspondence from the banks to me is randomly "purloined". as such we usually communicate by FAX. forget email. identity theft. it is not that hard to do.also the cell phone records can be traced by National Security agency(NSA) system that is similar to FBI's CARNIVORE that tracks all phone records by computers centered on certain keywords.once a keyword activates it,then it records for certain number of words or time before and after the keyword. used to track terrorists after 9/11. so big brother is watching


Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5779


Posted: 7/27/2009 8:00:58 AM

By: Just You and U.S.

Source: http://clipmarks.forbes.com/2009/07/26/us-tax-evasion-probe-targets-ubs-client-visits/

The IRS has obtained the cell phone records of the bankers who visited the U.S., and is using the phone numbers of the U.S. people they called to identify UBS customers.

Looks also like there may be a settlement whereby UBS coughs up another 10,000 names.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/28/2009 10:28:02 AM

By: knightmare3000

I agree with offshore atrorney. UBS would probably not have that many names, given the level of activity I have seen in Swiss banks from personal accounts. most of the Swiss banks' business in general are from sources other than the US which is a small fraction of the accounts for all the banks in Switzerland. some of this idea that 1 trillion dollars is there is really wishful thinking on the part of these politicians. also the banks there are not that stupid to let people avoid taxes yearly for ever. most of the banks I deal with usually remind people about taxes indirectly-- if only when the Swiss Federal government taxes certain types of investments ( e.g. real estate and non Swiss bonds) that the account holder may recover some of the taxes that the Swiss deduct automatically by contacting the IRS or there is a form to fill out that is completed by the bank and is mailed to the Swiss Federal tax office in Bern . it is then forwarded to the regional US IRS office closest to where you live. you receive about 5/6th of the taxes deducted by the Swiss federal tax bureau. it is deposited automatically to your account. so the figure offered by these politicians is absurd.my guess is that the UBS person involved was a little "over zealous" and it got out of hand by some very naive US people thinking that they would not be found out. or the UBS person said words to the effect that it would "be alright" etc.etc. the UBS person was totally misleading these people. by the way I do NOT use UBS personally. other good banks there like Rahn and Bodmer, Private bankers in Geneva or the Cantonal banks are not like UBS in that regard. you can make money with them but take care of your taxes responsiblly. they don't recommend hiding it.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/27/2009 11:34:35 PM

By: Offshore Atty

No, it is not. Read the Reuters article. The journalist estimated that the settlement could lead to 10,000 names based on the number of trips made by UBS employees in the U.S., assuming each UBS employee visits 3 people per day every work day of every year during which UBS engaged in unauthorized solicitations of US-based business. This would be make sense if UBS employed a team of robots running on nuclear power and capable of traveling at the speed of light, and if all American UBS clients were profound tax cheats who just happened to prefer at home visits from their confidential Swiss bankers. It is simply not plausible with a staff of human beings servicing wealthy Americans. I'm calling this "BS."

As an attorney, I can tell you that there is no basis in settlement discussions to agree to a disclosure of a set number of clients. "Let's disclose 10,000 names" would be arbitrary and capricious. However, "let's agree to disclose names of people we illegally solicited on U.S. soil" would be rational and likely enforceable.

The notion that UBS has 52,000 multimillionaire American clients, none of whom paid their taxes, and holding $1 trillion of assets generating $400-800 billion in taxable income every year is just preposterous and statistically impossible. UBS is a publicly traded company and its own annual reports do not show nearly the level of activity asserted by Senator Carl Levin and the Tax Justice Network tin-foil hat crowd. This is why the 10,000 figure is absurd.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/27/2009 6:56:51 PM

By: Sherlock Holmes

The 10,000 figure is the number mentioned in the potential settlement with UBS.


Anonymous
Posted: Saturday, August 13, 2011

Posted: 7/27/2009 2:01:07 PM

By: Offshore Atty

Even a 10,000 figure sounds awfully high. Reading the entire Reuters article, it appears that the 10,000 figure comes from an estimate made by the reporter based on the number of UBS employees traveling in the U.S. It does not take into account repeat visits, days spent not visiting clients and clients who declared their accounts.

I fathom to guess that this only yields a few dozen or perhaps a few hundred names at most. If this is the case, then the Swiss may very well have survived a close one.


 

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