Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
NJ man facing 5 years in prison over UBS account
Posted: Saturday, August 13, 2011

Posted: 9/26/2009 5:59:34 PM

By: UBS Just You and U.S.

Let's hope that his plea bargain included naming his lawyers and planners!

Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 9/26/2009 11:35:08 AM

By: knightmare3000

it was announced in Houston Chronicle newspaper today,9/26/09 in the ever widening probe of US clients with UBS accounts, that a New Jersey man is facing 5 years in prison if convicted of hiding $6 million in un -reported UBS accounts. the sad thing is that this man was a business man who was a naturalized US citizen originally from Germany. He regularly traveled to China and Latin America on business. He wrongly assumed that the Swiss UBS would hide the money. now this type of man could readily have gotten an account in Montevideo,Uruguay with his business contacts serving as references for him in Latin america. he would have had a perfect covering story for business travel to justify his being there and adequate banking references from Switzerland to open an account. He could have easily transferred money from Switzerland to a good Uruguay bank e.g. VP bank in Montevideo. he also could have tried placement by being a financial angel to fledgling businesses--especially with his business contacts. he would have enhanced his reputation by lending 50K or 100K in cash on just a promissary note to some start up company and placed his $6 million that way with a minimum of hassle. he could also have opened a European branch office for his company or bought a small part ownership in a franchise operation in Europe with his money. anything is better than 5 years in a Federal prison. he probably will get 24 months in a minimum security prison. or he will get 18 months in a minimum security prison plus 6 months in a Half Way House in NYC. tragic. with some planning and foresight he could have gone undetected. the Swiss gave out warnings about 2-6 monhths before this UBS scandal occurred. he could have moved his money in that amount of time. I hope legal advisers and business advisers out there are listening.this post is for academic purposes only and is not intended to recommend illegal activity or money wishes. thanks for hearing from me.


Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.