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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: tax fraud

tax fraud stories: 18 news summaries

15K Yanks Turn Selves in
for Offshore Tax Cheating

Asia joins Switzerland as hotspot for hidden assets

Nov 18, 09 9:57 AM CST
(Newser) - Prodded by the stick of a looming crackdown on offshore tax cheats and the carrot of an IRS amnesty program, some 14,700 rich Americans have turned themselves in, disclosing billions in hidden foreign assets. The "unprecedented" participation in the amnesty program surprised the IRS and advisers to the... More »

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IRS • Switzerland • tax evasion • tax fraud • assets • IRS amnesty program • offshore tax cheat • Asia hidden asset • IRS Beijing office

Tax Collectors Use MySpace, Google to Find Deadbeats

Public profiles can provide valuable income information for revenue agents

Aug 27, 09 3:31 PM CDT
(Newser) - Internet-savvy state tax collectors are using a new tool in tracking down evaders: social networking websites. Tax collectors are taking advantage of the fact that an individual’s MySpace or Facebook profile often contains quite a bit of professional information, the Wall Street Journal reports. Agents in Nebraska, for example,... More »

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social networking • Google • MySpace • IRS • Facebook • tax evasion • income • Internal Revenue Service • tax fraud • state governments • state budgets • social media

(Newser) - The IRS and Justice Department crackdown on UBS is widening, reports the Wall Street Journal, as new documents reveal the efforts the bank took to keep its clients' wealth away from the taxman. Two recent cases have relied on channeling millions to a Swiss account owned by a Hong Kong-based... More »

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IRS • Hong Kong • UBS • tax evasion • corporations • tax fraud • Swiss bank • bank secrecy

UBS Bans Its
Execs From Foreign Travel

Swiss bank facing US inquiry into tax dodge grounds managers

Apr 7, 09 6:56 AM CDT
(Newser) - UBS has banned managers who deal with foreign clients from traveling abroad, the Daily Telegraph reports. The Swiss bank, which has refused to give US investigators the names of 50,000 suspected tax dodgers, denied that the ban is to protect senior staff from American authorities. Analysts, however, see the... More »

MORE ABOUT:
IRS • UBS • tax fraud • tax haven • Swiss bank

(Newser) - Switzerland might not be a haven for tax evading ne’er-do-wells for much longer. The country agreed today to ease its banking secrecy laws, eliminating the distinction between tax fraud and tax evasion on foreign accounts. Previously, the Swiss cooperated with foreign governments only on tax fraud, which is a... More »

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Switzerland • tax evasion • tax fraud

(Newser) - Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the... More »

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Department of Justice • Switzerland • UBS • Internal Revenue Service • tax fraud • banking industry

Fraud Case Breaches Venerable Swiss Secrecy

Nation's tradition of bank secrecy imperiled by UBS investigation

Oct 1, 08 10:50 AM CDT
(Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared... More »

MORE ABOUT:
Department of Justice • Switzerland • UBS • tax evasion • tax fraud • bank scandal • Swiss bank • bank secrecy

Feds Battle
UBS to Give Up Tax Dodgers

Swiss bank pressed
for names of US customers

Jul 1, 08 2:43 AM CDT
(Newser) - The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes.... More »

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UBS • tax evasion • Internal Revenue Service • banking • tax fraud • Swiss bank

Feds Detain Top UBS Banker in Tax-Fraud Probe

Swiss giant's fortunes go from bad to worse

May 7, 08 6:25 AM CDT
(Newser) - Already reeling from record losses and preparing to cut 5,500 jobs, UBS has acknowledged the Department of Justice is investigating the mega-bank for helping its wealthiest clients evade taxes. The feds "briefly detained" one of the Swiss firm's most senior private bankers as a "material witness,"... More »

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Department of Justice • UBS • tax evasion • SEC • tax fraud

 Snipes Gets 3 Years in Prison 

Judge gives actor maximum sentence in federal tax case

Apr 24, 08 5:21 PM CDT
(Newser) - A Florida judge today sentenced Wesley Snipes to the maximum 3 years in federal prison for failing to file his taxes, WESH-TV of Orlando reports. Snipes received no fine, though he could have been hit for $5 million. During sentencing, the judge noted the actor's long history of ignoring tax... More »

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income tax • Internal Revenue Service • tax fraud • Wesley Snipes

 Samsung Chairman Resigns 

Lee steps down amid tax evasion scandal

Apr 22, 08 7:00 AM CDT
(Newser) - The chairman of Samsung, Korea's leading exporter, has resigned after being indicted on multiple counts of tax fraud and breach of duty. Lee Kun-hee, whose resignation speech was carried live on all of South Korea's TV networks, has controlled the Samsung consortium since 1987. Lee, his wife, his son, and... More »

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South Korea • corruption • Samsung • tax fraud • Lee Kun-hee

Samsung Head Indicted for
Tax Fraud

Electronics giant vows reform as chairman faces trial

Apr 17, 08 6:43 AM CDT
(Newser) - The chairman of electronic giant Samsung will stand trial for tax evasion and breach of duty after special prosecutors alleged corruption in South Korea's largest industrial corporation. Lee Kun-hee was indicted in Seoul today for evading $114 million in taxes and for incurring losses at Samsung while installing his son... More »

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South Korea • corruption • Samsung • tax fraud • consumer electronics • Lee Kun-hee

Strike Cripples German Airports

Scores of flights canceled; Berlin transport also shut

Mar 5, 08 7:23 AM CST
(Newser) - Thousands of German airport workers have walked off the job on the first day of a strike, leading to hundreds of flight cancellations across Europe's largest country. Frankfurt International Airport, a key European hub, was picketed by more than 2,000 employees from baggage handlers to check-in counter workers and... More »

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Germany • Berlin • strike • airport • labor unions • transit strike • tax fraud • BMW • boom economy • flight cancellation

German Tax Case Reads
Like Spy Thriller

Informant's tale rife
with code names
and kidnappings

Feb 26, 08 5:34 PM CST
(Newser) - Code names, kidnappings, secrets sold to international intelligence agencies: these staples of a thriller movie come from the real life of Heinrich Kieber, the whistleblower who for $7.4 million sold German authorities the information that exposed a huge tax-evasion ring. Kieber has been given a new identity and is... More »

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Germany • corruption • whistleblowers • tax fraud • Liechtenstein • German tax scandal • Heinrich Kieber

Homes Raided Nationwide in German Tax Fraud Probe

$5B tax dodge crackdown

Feb 19, 08 8:23 AM CST
(Newser) - The fallout from Germany's enormous tax evasion scandal continued yesterday as police began a nationwide raid of the homes and offices of over a hundred people. More than 1,000 rich Germans are suspected of cheating the German treasury out of $5 billion by transferring huge sums to banks and... More »

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taxes • Germany • tax evasion • tax fraud • Liechtenstein • DHL • Deutsche Post • tax dodge • police raids

Wesley Snipes Escapes Fraud Charges, But...

Actor faces up to 3 years for failing to
file tax returns

Feb 1, 08 8:05 PM CST
(Newser) - Wesley Snipes is off the hook for tax fraud—but a federal jury in Florida today convicted him on 3 counts of failing to file returns, the Los Angeles Times reports. For the misdemeanors, the actor faces up to 3 years in prison, but he escaped a possible 13 more.... More »

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Hollywood • celebrity • tax fraud • Wesley Snipes • tax returns

IRS May
Block Popular
Instant Refunds

Proposed change
aims to curb fraud, steep loan rates

Jan 4, 08 10:57 AM CST
(Newser) - The IRS may stop big tax-preparation firms from offering instant refund loans to curb potential fraud, Bloomberg reports. Such loans are popular with taxpayers who don't want to wait weeks for a check, but interest is often steep and consumer groups have been pushing for a crackdown. The proposed change... More »

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IRS • income tax • Internal Revenue Service • tax fraud • tax refunds

Rudy's Top Cop to Be Indicted

Giuliani pal and former New York police commissioner faces corruption charges

Nov 8, 07 6:57 AM CST
(Newser) - Federal prosecutors expect to have an indictment by the end of the week against  Giuliani pal Bernard Kerik for accepting illegal gifts when he was New York City corrections chief and police commissioner. The charges include tax evasion, tax fraud and public corruption, the Washington Post reports. The charges are... More »

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Rudy Giuliani • Bernard Kerik • corruption • tax evasion • tax fraud • federal indictment

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