Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 07.09.2011, 16:36
Senior Member
 
Join Date: May 2007
Location: Geneva
Posts: 441
Groaned at 62 Times in 38 Posts
Thanked 1,174 Times in 666 Posts
Reb77Br has a reputation beyond reputeReb77Br has a reputation beyond reputeReb77Br has a reputation beyond reputeReb77Br has a reputation beyond reputeReb77Br has a reputation beyond repute
Swiss financial adviser charged with tax fraud

Swiss adviser charged in tax fraud tied to UBS
Quote:
A Swiss financial adviser has been charged with helping more than 60 U.S. taxpayers hide more than $184 million in Swiss bank accounts and move assets from UBS AG to other Swiss banks to avoid getting caught.
Beda Singenberger, owner of Zurich-based Sinco Treuhand AG, was indicted on a charge of conspiring to hide clients' income from the Internal Revenue Service ...
U.S. authorities separately charged several Credit Suisse Group AG bankers ... of helping wealthy Americans evade taxes. They have also targeted other banks in tax fraud cases, including HSBC Holdings Plc.
Reply With Quote
This user would like to thank Reb77Br for this useful post:
  #2  
Old 07.09.2011, 16:41
HollidayG's Avatar
Forum Legend
 
Join Date: Jan 2008
Location: Kanton Zürich
Posts: 3,038
Groaned at 50 Times in 35 Posts
Thanked 1,180 Times in 738 Posts
HollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputation
Re: Swiss financial adviser charged with tax fraud

If I were him, I would not advise him to take a vacation to the US anytime soon.
Reply With Quote
The following 2 users would like to thank HollidayG for this useful post:
  #3  
Old 07.09.2011, 16:43
colinwheeler's Avatar
Forum Veteran
 
Join Date: Sep 2010
Location: Gersau
Posts: 998
Groaned at 16 Times in 13 Posts
Thanked 872 Times in 440 Posts
colinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Oh, shock horror!!!!

I bet they are terrified. Really, who cares, as long as they are in Switzerland, I don't really think they should get stressed about the US attorney general or anybody in the US legal system.

The US government need to wake up and realise that collecting taxes from thier citizens is thier job and stop trying to make every other country in the world thier bitches.... bunch of fools.
Reply With Quote
The following 5 users would like to thank colinwheeler for this useful post:
  #4  
Old 07.09.2011, 17:01
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Basel
Posts: 14,692
Groaned at 284 Times in 189 Posts
Thanked 18,548 Times in 7,787 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

if i were the US, i'd put some polonium in his tea and make an example of him.
Reply With Quote
  #5  
Old 07.09.2011, 17:35
TitanTurbo10's Avatar
Forum Veteran
 
Join Date: May 2011
Location: Germany
Posts: 585
Groaned at 1 Time in 1 Post
Thanked 748 Times in 306 Posts
TitanTurbo10 has a reputation beyond reputeTitanTurbo10 has a reputation beyond reputeTitanTurbo10 has a reputation beyond reputeTitanTurbo10 has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Is he still in business? Probably great free advertising for him!
Reply With Quote
This user would like to thank TitanTurbo10 for this useful post:
  #6  
Old 07.09.2011, 20:49
dino's Avatar
Forum Veteran
 
Join Date: Feb 2006
Location: Zurich
Posts: 1,631
Groaned at 31 Times in 24 Posts
Thanked 1,279 Times in 628 Posts
dino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond reputedino has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

welcome to the world of private wealth management

You don't think they get paid for putting cash in the Post Finance savings account. do you?
Reply With Quote
  #7  
Old 07.09.2011, 20:56
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 11,453
Groaned at 527 Times in 444 Posts
Thanked 20,485 Times in 10,771 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Wonder if the US will try to extradite him using the same "anti-terrorist" legislation they used to haul the Nat West bankers from UK.
Reply With Quote
This user would like to thank marton for this useful post:
  #8  
Old 07.09.2011, 21:02
colinwheeler's Avatar
Forum Veteran
 
Join Date: Sep 2010
Location: Gersau
Posts: 998
Groaned at 16 Times in 13 Posts
Thanked 872 Times in 440 Posts
colinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

No, they cannot. There are no extradition treaties with Switzerland. The Swiss government could even think about it if they wanted but the Swiss legal system will be laughing so hard at the US that they will be rolling around in the isles pissing themselves.
Reply With Quote
  #9  
Old 07.09.2011, 21:55
musings's Avatar
Member
 
Join Date: Aug 2011
Location: Over the border
Posts: 225
Groaned at 6 Times in 5 Posts
Thanked 329 Times in 138 Posts
musings is considered knowledgeablemusings is considered knowledgeablemusings is considered knowledgeable
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post
If I were him, I would not advise him to take a vacation to the US anytime soon.
Why not? We'd probably hire him. Like we did with Nazis.
Reply With Quote
  #10  
Old 07.09.2011, 21:59
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 11,453
Groaned at 527 Times in 444 Posts
Thanked 20,485 Times in 10,771 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post
No, they cannot. There are no extradition treaties with Switzerland. The Swiss government could even think about it if they wanted but the Swiss legal system will be laughing so hard at the US that they will be rolling around in the isles pissing themselves.


Extradition treaty with USA was signed in 1990 & came into force in 1997, remember the Polanski extradition farce?
Reply With Quote
The following 2 users would like to thank marton for this useful post:
  #11  
Old 07.09.2011, 23:11
colinwheeler's Avatar
Forum Veteran
 
Join Date: Sep 2010
Location: Gersau
Posts: 998
Groaned at 16 Times in 13 Posts
Thanked 872 Times in 440 Posts
colinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post

Extradition treaty with USA was signed in 1990 & came into force in 1997, remember the Polanski extradition farce?
I stand corrected....but they did not extradite Polanski right? I was not in the country back then.
Reply With Quote
  #12  
Old 08.09.2011, 00:28
miniMia's Avatar
Forum Legend
 
Join Date: Apr 2007
Location: romandie
Posts: 9,975
Groaned at 101 Times in 92 Posts
Thanked 9,106 Times in 4,522 Posts
miniMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond reputeminiMia has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post
Wonder if the US will try to extradite him using the same "anti-terrorist" legislation they used to haul the Nat West bankers from UK.
One word: ExtraordinaryRendition.

This whole thing is outrageous. The US is getting (even further) out of hand.



yes. i know it's 2 words. that's what makes it funny.
Reply With Quote
This user would like to thank miniMia for this useful post:
  #13  
Old 09.09.2011, 14:04
HollidayG's Avatar
Forum Legend
 
Join Date: Jan 2008
Location: Kanton Zürich
Posts: 3,038
Groaned at 50 Times in 35 Posts
Thanked 1,180 Times in 738 Posts
HollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputation
Re: Swiss financial adviser charged with tax fraud



These advisers were actively advising people living in the US
to evade taxes. These were not expats living in Switzerland.
Advisers saying how someone could break the law of another
country should not be viewed positively.

I still think that US citizens living in other countries should not
have to pay taxes back to the US. These are two different
matters.

Last edited by HollidayG; 09.09.2011 at 15:02.
Reply With Quote
The following 2 users would like to thank HollidayG for this useful post:
  #14  
Old 09.09.2011, 14:56
SamWeiseVielleicht's Avatar
Forum Veteran
 
Join Date: Nov 2009
Location: Bern
Posts: 725
Groaned at 11 Times in 10 Posts
Thanked 893 Times in 397 Posts
SamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond reputeSamWeiseVielleicht has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post

Extradition treaty with USA was signed in 1990 & came into force in 1997, remember the Polanski extradition farce?

If they are swiss, they will never be extradited.

Switzerland does not extradite its citizens without the clear consent of the citizen (Art. 25 BV, with exceptions for the international criminal tribunals).

Nice quote from the FOJ's website:

"As a general rule, extradition is also refused for fiscal offences which were committed with the aim of paying lower taxes or custom duties. "
Reply With Quote
  #15  
Old 09.09.2011, 15:00
colinwheeler's Avatar
Forum Veteran
 
Join Date: Sep 2010
Location: Gersau
Posts: 998
Groaned at 16 Times in 13 Posts
Thanked 872 Times in 440 Posts
colinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond reputecolinwheeler has a reputation beyond repute
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post
These advisers were actively advising people living in the US to evade taxes. These were not expats living in Switzerland.
Advisers saying how someone could break the law of another country.
Evade or Avoid? Did they know that it was an illegal act that they were advising? Is it a Swiss advisors responsibility to know all the laws in every other country in the world and all the permutations about them? Did the clients disclose all relevant information to the adviser first? Do the US government make all thier tax legisaltion clear and available to Swiss advisors?

Sorry, but I can't see it. If I while in Switzerland advised somebody in the UK to go and sit down in a pub and have a cigarette, would I be breaking the law?
__________________
Living it up in Gersau.
Reply With Quote
  #16  
Old 09.09.2011, 15:38
E. Neubauten's Avatar
Senior Member
 
Join Date: Nov 2007
Location: Richterswil
Posts: 346
Groaned at 2 Times in 2 Posts
Thanked 267 Times in 141 Posts
E. Neubauten is considered knowledgeableE. Neubauten is considered knowledgeableE. Neubauten is considered knowledgeable
Re: Swiss financial adviser charged with tax fraud

I'm sorry, but if you have to rely solely on a banking secret in order to make your sorry excuse for "tax planning" work, you know it is evasion and they knew it.

If a tax advisor is worth his salt he sure as hell will have seen to it that what he advises his client is legal, so yes, he has to know the laws in "every country in the world". That is why you have international tax specialists in the first place.

Virtually all tax legislation of almost all countries is available (ok Guam maybe not too up to date), especially for international tax advisors, so no excuse. Furthermore, standing (basic) principle in law: every citizen is deemed to know the law.

An experienced tax advisor will know when the client is leaving out crucial info. On top of that they have a duty to inquire (yes I know its theory and practice is different)

These guys were offering products that wouldn't past scrutiny and the only way they thought to get away with it was to rely on the banking secret. Crappy cowboy tax advisory if you ask me. And they got caught, no mercy.

Quote:
View Post
Evade or Avoid? Did they know that it was an illegal act that they were advising? Is it a Swiss advisors responsibility to know all the laws in every other country in the world and all the permutations about them? Did the clients disclose all relevant information to the adviser first? Do the US government make all thier tax legisaltion clear and available to Swiss advisors?

Sorry, but I can't see it. If I while in Switzerland advised somebody in the UK to go and sit down in a pub and have a cigarette, would I be breaking the law?

Last edited by E. Neubauten; 09.09.2011 at 15:39. Reason: grammar
Reply With Quote
This user would like to thank E. Neubauten for this useful post:
  #17  
Old 11.09.2011, 22:26
HollidayG's Avatar
Forum Legend
 
Join Date: Jan 2008
Location: Kanton Zürich
Posts: 3,038
Groaned at 50 Times in 35 Posts
Thanked 1,180 Times in 738 Posts
HollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputationHollidayG has an excellent reputation
Re: Swiss financial adviser charged with tax fraud

Quote:
View Post
Evade or Avoid? Did they know that it was an illegal act that they were advising? Is it a Swiss advisors responsibility to know all the laws in every other country in the world and all the permutations about them? Did the clients disclose all relevant information to the adviser first? Do the US government make all thier tax legisaltion clear and available to Swiss advisors?

Sorry, but I can't see it. If I while in Switzerland advised somebody in the UK to go and sit down in a pub and have a cigarette, would I be breaking the law?
Evasion. The advisors were telling them they could hide their money tax
free. Yes, they knew 100% what they were doing.

It is not the US government's job to communicate the tax laws of
the US to a tax advisor in Switzerland.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Seeking independent financial adviser in Vaud swisssarah Finance/banking/taxation 7 07.06.2011 17:50
Tax Adviser in Bern? angelap Finance/banking/taxation 4 27.10.2009 20:05
Tax Adviser Geneva Area Emigrant Finance/banking/taxation 0 14.09.2009 13:07


All times are GMT +2. The time now is 13:40.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0