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Prosecutors said Reiss used the services of Beda Singenberger, a Swiss financial adviser who was charged last month with conspiring with more than 60 U.S. taxpayers to hide more than $184 million in offshore accounts.
The Floranova account held assets valued at about $2.6 million as of March 2008, prosecutors said. In November 2008, Reiss transferred the Floranova assets into another undeclared account, prosecutors said.
UBS in 2009 paid $780 million to avoid prosecution on charges that it helped Americans evade taxes and turned over data on 250 secret accounts. It later handed over in
It later handed over information on 4,450 more accounts.
A New Jersey cancer researcher admitted to hiding millions of dollars from U.S. tax authorities in accounts at UBS AG (UBSN) and other Swiss banks.
Michael Reiss, 60, of Princeton, pleaded guilty Friday in Manhattan federal court to failing to file reports of foreign bank accounts in 2008 and 2009. Reiss, who faces as long as five years in prison at his sentencing in November, was released on a $200,000 bond.
He will pay a civil penalty of about $1.2 million, his attorney, Paula Junghans, said. Reiss also agreed to pay at least $400,000 in taxes, Assistant U.S. Attorney Daniel Levy said.
Reiss, a Dutch national, isn’t a U.S. citizen. He may face deportation after he’s sentenced, U.S. Magistrate Judge Henry Pitman said. Junghans declined to comment on the case after Friday’s proceeding.
UBS in 2009 paid $780 million to avoid prosecution on charges that it helped Americans evade taxes and turned over data on 250 secret accounts. It later handed over information on 4,450 more accounts.
Clayton Peterson, who was appointed to Mariner’s board in March 2006, said he passed information about the planned transaction in April 2010 to his son. Drew Peterson said he bought shares of Mariner stock based on the tip and passed on the information to another unidentified person who also traded on it.
“I knew that my actions were wrong and I deeply regret my conduct,” Clayton Peterson told U.S. District Judge Robert Patterson. “It has ruined my life and my son’s life and I apologize.”
State regulators are intensifying a probe into unpaid benefits after Florida Insurance Commissioner Kevin McCarty said in May that insurers may be keeping at least $1 billion in unclaimed funds.
A federal investigation of the bank’s collapse included hundreds of interviews and a review of millions of documents concerning its operations, Durkan and the Justice Department said Aug. 5 in an e-mailed statement.
“The evidence does not meet the exacting standards for criminal charges in connection with the bank’s failure,” according to the statement.
Amaranth officials can’t prove two JPMorgan executives’ statements were the reason Citadel officials decided to cancel the bailout effort, Sherwood said in a nine-page ruling Friday.
The burgeoning genre represented by Bloomberg Government exists not because an audience wants to read such journalism without romance but because it must. Like a horseracing fan needs the Daily Racing Form, businesses need a guide to help them game the Washington system, especially in these days of endless quantitative easing and rampant government intervention.