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Asset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsOffshore Banking Money TrailAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsAsset Protection Using Offshore Banks in Multiple JurisdictionsWhat is a Qualified Intermediary?FDIC Admits Emergency Bailout May Be NecessarySecond Passport and Second Citizenship ProgramsForex Trading Business Bank Account: Panama and Ecuador Weakest and Strongest USA Banks & Thrifts 08/11/08FDIC Facts and Figures – Not Encouraging 08/14/08Ecuador Trust Account BankingOffshore Banking Money TrailAnonymous No-Name Debit ATM CardAsset Protection Using Offshore Banks in Multiple JurisdictionsComparison of Offshore Banking JurisdictionsPanama New Immigration Law: Effective 8/26/08One Compelling Argument to Move Assets Offshore – LawsuitsUBS Swiss Bank Closing Accounts of AmericansWhat is a Qualified Intermediary?Second Passport and Second Citizenship ProgramsPanama New Immigration Law: Effective 8/26/08Panama New Immigration Law: Effective 8/26/08Second Passport and Second Citizenship ProgramsWhy Choose Guatemala?Ecuador BankingEcuador Bank AccountEcuador Trust Account BankingForex Trading Business Bank Account: Panama and Ecuador Ecuador Country ProfileOffshore Banking Money TrailFDIC Admits Emergency Bailout May Be NecessaryWhat Will You Do if the FDIC Fails?FDIC Facts and Figures – Not Encouraging 08/14/08Need an Economic Reason to Leave the USAUS Banks Fail, Depositors Take LossesUBS Swiss Bank Closing Accounts of Americans
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Introduction – UBS one of the largest Swiss Banks has run into trouble with the USA. The US Justice department has requested the records of 20,000 Americans with accounts at UBS, a Swiss bank. So far this request was made directly to UBS. UBS could say the Swiss Government needs to order UBS to comply and thus hide behind the Swiss Bank Secrecy Laws. It is unclear to this writer as to whether or not the Swiss laws would call for the production of these bank records or not, from reading the laws it appears not. A request for 20,000 records seem to fall in the category of a fishing expedition more so than requesting information to be used in a criminal case.
What Happened – A former UBS banker named Bradley Brikenfeld has a one count conspiracy indictment in USA Federal Courts for "helping" one Igor Olenicoff evade taxes on $200,000,000 held in UBS accounts. Olenicoff is a billionaire founder of Olen Properties. Olenicoff in December plead guilty to tax evasion and to lying on his tax returns and agreed to pay $52 million in back taxes to the USA. The indictment also names one Mario Staggl who co–founded New Haven Trust Company in Lichtenstein specializing in tax planning. Mr. Staggl remains free.
A Martin Liechti, a private banker at UBS, was recently detained in The USA by Federal authorities. UBS has told 50 of its employees and ex–employees who were handling accounts for Americans to not travel to the USA anymore and has also made lawyers available to them.
The Mistakes – The UBS folks in their plan decided to operate in the USA to solicit clients with a net worth of over $10 million. They gave popular celebrity events to attract clients. This of course gave the USA the jurisdiction. UBS came and set up shop physically in the USA so now the fact that they are in Switzerland and Lichtenstein for the Trust Company becomes irrelevant. To make it worse they used a tax reduction plan as the basis for their sales pitch. So they came to the USA physically and set up shop offering some sort of tax reduction plan.
The indictment ( we are slow to believe indictments which are nothing more than unproven allegations) claims that the two men created fictitious trusts and bogus corporations. I have a lot of trouble understanding how one can create a fictitious trust. Are they saying the defendants said a trust existed when in fact no such trust agreement had been created and properly executed? This is a fictitious trust. What is a "Bogus Corporation"? This puzzles me. What is such a thing? Do they mean a corporation was named that was never formed and filed in the government registry? This would be a bogus corporation. If they mean a paper corporation with no physical assets, well then most of the corporations on the New York Stock exchange would be guilty. Do they mean the corporation engaged in bogus activities that never existed? See, one must be careful without knowing all the facts and seeing the proof. We all know banking secrecy is not popular and even hated in some countries.
The Outcome – Well this remains to be seen. UBS is talking of turning over some small limited amount of banking records to the US Justice Department as sort of throwing them a bone to make it all go away. To assume the US Justice Department will want to go to the Swiss Government and ask them to order a general fishing expedition for 20,000 bank records is assuming a lot. Why would the Swiss want to grant such a request which clearly seems to be overly broad for the Swiss laws pertaining to turning over records that would wreck the banking industry of Switzerland? If each case was to be looked at on its own merits it would probably take years to present the evidence and have it considered. UBS has wound down its cross–border private banking business for the USA but the UBS website still shows login for USA clients and has sales pitches for USA people. UBS appears to operate financial advisor operations in he USA presently. There does not seem to be a licensed commercial UBS Bank in the USA. The UBS people that got into trouble were operating in the USA but working for the Bank in Switzerland and also using Lichtenstein Trusts.
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