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Swiss Bank Wegelin Pleads Guilty to Conspiracy to Evade Taxes: What this Means for U.S. Taxpayers with Undisclosed Offshore Accounts

Posted in Press Releases on January 9, 2013 | Share

Wegelin & Co. pleads guilty to conspiracy charges for assisting U.S. taxpayers in committing tax evasion. Managing Partner of the Thorn Law Group, Kevin E. Thorn, comments on the effects these charges will have on U.S. clients with undisclosed offshore accounts.

Washington, DC (PRWEB) January 9, 2013 - Switzerland’s oldest bank, Wegelin & Co., has pled guilty to conspiracy charges in assisting U.S. taxpayers to commit tax evasion through undisclosed offshore accounts. Wegelin will pay approximately $74 million in fines and restitution fees, according to Reuters News. The Bank will also close its doors permanently, ending over two centuries of private banking business.  

Managing Partner of Thorn Law Group, Kevin E. Thorn, represents many taxpayers with hundreds of undisclosed accounts throughout the country and around the world. Further, Mr. Thorn has many clients currently participating in the 2009, 2011, and now the 2012 IRS Amnesty Program, and states, “U.S. taxpayers with undisclosed offshore accounts currently at Wegelin or U. S. taxpayers that had undisclosed accounts in the past at the bank face substantial risks and uncertainty as to whether Swiss Bank Wegelin has already or will later turn over the names of its U.S. clients to U.S. authorities."

Mr. Thorn further states, “While there is some uncertainty regarding the disclosure of client data, U.S. authorities, including the Department of Justice and the Internal Revenue Service, will likely continue to pressure all foreign banks fighting penalties with the U.S., including Wegelin, to turnover U.S. client information in order to bring U.S. taxpayers back into compliance.” Now is the time for U.S. Taxpayers with undisclosed offshore accounts held through Wegelin & Co., or any other foreign bank, to enter into the IRS’s 2012 Offshore Voluntary Disclosure Initiative before the U.S. Government brings either a civil audit and/or a criminal investigation or criminal charge against them.

For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at https://www.thorntaxlaw.com/.

About Thorn Law Group, PLLC: Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.

Kevin E. Thorn
Managing Partner Thorn Law Group, PLLC

Thorn Law Group

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