UBS Banker pleads guilty in improper offshore tax evasion assistance claim
According to reports, a Swiss financial adviser, Martin Lack, recently became the fourth ex-UBS AG banker to plead guilty to aiding wealthy Americans evade taxes, admitting that for 17 years he helped U.S. clients maintain secret overseas accounts.
Martin Lack was indicted in 2011. He turned himself in to U.S. authorities on Oct. 14, was free on $750,000 bond and was allowed to return to Switzerland.
Mr. Lack, 51, is one of a handful of offshore enablers of tax evasion to admit guilt since a U.S. crackdown began. About three dozen foreign bankers, lawyers and advisers have also been charged.
Other former UBS bankers who pleaded guilty were Christos Bagios, Renzo Gadola and Bradley Birkenfeld.
More than 70 taxpayers also have been charged by the Justice Department.
Fourteen banks are under criminal investigation, including Credit Suisse Group AG, Switzerland’s second-largest bank, the subject of a Senate hearing Thursday. More than 43,000 U.S. taxpayers avoided prosecution since 2009 by voluntarily disclosing their offshore accounts to the Internal Revenue Service and paying back taxes, fines and penalties.
Investigation
The White Law Group is investigating the liability these banks may have the taxes, fines, and penalties paid by taxpayers as a result of the banks improper tax advice. To the extent that the banks advised these individuals that establishing such accounts was legally permissible and the individuals relied on that information to their detriment, they may be able to recover the fines and penalties they were forced to pay to the IRS from the banks.
If you were forced to pay fines and penalties to the IRS as a result of improper offshore tax advice, the attorneys of The White Law Group may be able to help.
The White Law Group is a national securities fraud and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For a free consultation with an attorney, please call the firm’s Chicago office at 888-637-5510.
For more information on The White Law Group, visit https://whitesecuritieslaw.com.
Tags: Credit Suisse Group tax shelter investigation, Martin Luck charges, Martin Luck guilty plea, tax shelter litigation attorney, tax shelter penalties attorney, UBS tax evasion charges, UBS tax evasion investigation, UBS tax evasion litigation Last modified: November 2, 2023
