N.J. authorities indict 34 in Lucchese crime family bust from 'Operation Heat' | – NJ.com: “indictment charged 34 Lucchese members and associates with crimes included racketeering, weapons possession, tax evasion, bribery, money laundering and conspiracy.Scarfo, the son of a convicted mob boss, was previously sentenced to 33 months in prison in a federal gambling case.
Posts Tagged ‘Tax Evasion’
N.J. authorities indict 34 in Lucchese crime family bust from ‘Operation Heat’ | – NJ.com
May 17th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Authorities, Being A Leader, Bribery, Bust, Conspiracy, Crime Family, Crimes, Dinapoli, East Hanover, Faction, Indictment, Madonna, Mob Boss, Money Laundering, Perna, Possession, Racketeering, Scarsdale, Tax Evasion, Weapons 
Comments OffFormer HSBC employee steals data for 24,000 accounts
March 13th, 2010 Before You Invest Data surrounding up to 24,000 client accounts was stolen by a former technology expert from HSBC’s Swiss subsidiary, the bank has admitted. Hervé Falciani, an IT specialist at the Geneva branch, is thought to have committed the theft three years ago.The crime, which was learned during 2009, affected accounts opened before October 2006, 9,000 of which have subsequently been closed, the bank announced.Alexandre Zeller, chief executive of the Swiss subsidiary, said: “We deeply regret the situation and unreservedly apologise to our clients for this threat to their privacy.”HSBC is only thought to have recently uncovered the full extent of the crime perpetrated by its ex-employee.Tax authorities in France seized the data and increased diplomatic tensions between the two countries after it announced the information would be used to crackdown on French taxpayers with Swiss accounts.But, both countries subsequently agreed to not use the data to implement an investigation into tax evasion.In a statement, HSBC said it did not believe that the stolen information had been used to allow third parties to access client accounts.The bank has subsequently invested approximately $93 million on upgrading security surrounding its IT systems.
Posted in Finance Fraud Tags: Chief Executive, Client Accounts, Countries, Crackdown, France, Full Extent, Geneva Branch, Hsbc, Privacy, Subsidiary, Swiss Accounts, Tax Authorities, Tax Evasion, Taxpayers, Technology Expert, Tensions, Third Parties, Zeller Comments OffCitigroup Fined by FINRA for Tax Evasion Strategies
October 13th, 2009 Before You Invest The Financial Industry Regulatory Authority (FINRA) has fined Citigroup Global Markets Inc. $600,000 and censured the brokerage firm for tax evasion trading strategies found to be operating among its affiliates. The first scheme involved international clients of Citigroup circumventing US tax laws, allowing them to increase their respective returns.
Posted in Finance Fraud Tags: Brokerage Firm, Citigroup, Citigroup Global Markets Inc, Custodian, Dividend, Dividends, Equity Hedge, Financial Industry Regulatory Authority, Finra, Foreign Investors, Global Markets, International Clients, London Affiliate, Share Price, Swap Agreement, Tax Evasion, Tax Liabilities, Tax Profits, Total Return Swap, Trading Strategies, Trading Strategy, Withholding Taxes No Comments »UBS and US government reach tax dispute deal
August 13th, 2009 Before You Invest UBS has reached an agreement with the US government that will result in the Swiss bank settling a dispute over tax evasion out of court.Stuart Gibson, US justice department lawyer, said that both parties have settled on the details of a contract.But, Mr Gibson added that it will “take a small time for the agreements to be signed in final form”.Details of the arrangement, such as how many names of the US customers that hold offshore accounts at UBS will be revealed to the government, were not divulged.Florida-based tax lawyer William Sharp told the Associated Press that it is unlikely that such a go would have been made without a “substantial handover” of details.He predicted that “at least several hundred, if not thousands” of names have been supplied to the authorities.Shares in UBS fell earlier this week due to the ongoing negotiations, but have now rebounded on the news.
Posted in Finance Fraud Tags: Authorities, Florida Lawyer, Florida Tax, Handover, Justice Department Lawyer, Little Time, Many Names, Mr Gibson, Negotiations, Offshore Accounts, Shares, Stuart Gibson, Swiss Bank, Tax Dispute, Tax Evasion, Tax Lawyer, Ubs, Us Justice Department, William Sharp No Comments »Free Capitalist host charged with $100m Ponzi scheme
June 2nd, 2009 Before You Invest A Utah businessman and host of the Free Capitalist radio show has been indicted by a federal grand jury over allegedly running a $100 million Ponzi scheme. Claud Koerber, also known as Rick Koerber, faces charges of mail fraud, wire fraud and tax evasion. He is alleged to have obtained the money through loans for Founders Capital, a subsidiary of his Provo-based real estate firm FranklinSquires. According to the indictment, over $50 million was used to pay earlier investors to give the “fake impression” that his businesses were profitable and their investments were secure, the Star-Tribune reports. Mr Koerber is also accused of using investors’ cash to fund personal interests, including investing $850,000 in restaurants, $1 million in luxury automobiles and $5 million in filmmaking.On his official site, Mr Koerber describes himself as a “capitalist, Mormon [and] dad”. He started the daily Free Capitalist talk radio show in 2005.
Posted in Finance Fraud Tags: 100 Million, 5 Million, 50 Million, Businessman, Claud, False Impression, Federal Grand Jury, Filmmaking, Founders, Indictment, Luxury Automobiles, Mail Fraud, Mormon, Personal Interests, Ponzi Scheme, Rick Koerber, Star Tribune, Talk Radio Show, Tax Evasion, Wire Fraud No Comments »UBS imposes executive travel ban
April 9th, 2009 Before You Invest UBS executives who deal with foreign clients have been banned from travelling abroad by the bank amid an ongoing US investigation into its role in suspected tax evasion and fraud. The bank said the restrictions have been imposed while it conducts a review of its international wealth management operations and would apply to all foreign client managers. According to Reuters, the Swiss newspaper Sonntags Blick said over 1,000 employees will be affected by the ban. UBS has denied introducing the measure to ensure that senior staff are not detained by US authorities investigating the tax fraud allegations, the BBC reports. The bank is accused of helping thousands of American clients hide their assets from the Internal Revenue Service (IRS). It had previously supplied US authorities with the names of 300 clients it had advised but subsequently refused to comply with a ‘John Doe’ order from the IRS demanding the details of 52,000 other customers. In February, the bank vowed to “vigorously contest” a civil case brought by the IRS seeking judicial enforcement of the order.
Posted in Finance Fraud Tags: American Clients, Assets, Authorities, Bbc, Civil Case, Client Managers, Executive Travel, Fraud Allegations, Internal Revenue Service, International Wealth Management, Irs, John Doe, Judicial Enforcement, Management Operations, Reuters, Tax Evasion, Tax Fraud, Travel Ban, Travel Deal, Ubs No Comments »No more veil of secrecy : Swiss Bank to Give Up Depositors’ Names to Prosecutors
February 19th, 2009 Before You Invest In a significant break from Switzerland’s tradition of banking secrecy, UBS AG has agreed to turn over to the U.S. government the names of about 250 account holders and pay a $780 million fine as part of a deal to settle a U.S. criminal probe, the Department of Justice said.
Posted in Finance Fraud Tags: Bank Offshore, Banking Secrecy, Criminal Probe, Deferred Prosecution Agreement, Department Of Justice, Depositors, Names, Offshore Private Banking, Private Banking Services, Prosecutors, Risk, Swiss Bank, Switzerland, Tax Evasion, Tradition, Ubs, Ubs Ag, Veil, Wealthy Americans Comments OffEuropean Union finance ministers on Tuesday called for the renegotiation of a deal with Liechtenstein on measures to tackle tax fraud
February 11th, 2009 Before You Invest European Union finance ministers on Tuesday called for the renegotiation of a deal with Liechtenstein on measures to tackle tax fraud, seeking guarantees of better access to banks’ information.A statement by the council of ministers, meeting in Brussels, said it “strongly invites the (EU) commission to continue negotiations with Liechtenstein,” calling for a report from the EU’s executive by May.The ministers are seeking “to obtain such change in the text” as to ensure “effective administrative help and access to information with regard to all forms of investments, in particular foundations and trusts.”Liechtenstein’s prime minister resigned after his party suffered shock losses in a general election on Sunday, just months after a tax evasion scandal sparked international criticism of the principality’s secretive banking rules.Liechtenstein, wedged between Austria and Switzerland, came under pressure from Germany and other countries last year following investigations into suspected mass tax evasion through accounts in the country.German Chancellor Angela Merkel has called for greater transparency in the principality, where investors can use foundations to buy or hold assets anonymously.The principality has reached an agreement with the United States on fighting tax evasion and now EU nations want a similar deal.EU member states “expect Liechtenstein to encompass in the agreement with the European Community and its member states at least a similar scope” of agreement as that “recently agreed with third countries,” the finance ministers said in their statement
Posted in Finance Fraud Tags: Administrative Assistance, Angela Merkel, Chancellor Angela Merkel, Council Of Ministers, Eu Commission, Eu Member States, European Union, Finance Ministers, Foundations, General Election, German Chancellor Angela Merkel, Information With Regard, International Criticism, Liechtenstein, Principality, Renegotiation, Shock Losses, Tax Evasion, Tax Fraud, Union Finance Comments Off
