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Fri May 14, 2021, 12:52 PM

Feds say Swiss company to pay $77M over US tax evaders

Source: AP

NEW YORK (AP) — Switzerland’s biggest and oldest life insurance company will pay more than $77 million to the U.S. Treasury after admitting it helped U.S. taxpayers dodge tax responsibilities through offshore accounts after Swiss banks stopped providing tax-dodging help to U.S. taxpayers because of law enforcement scrutiny, prosecutors announced Friday.

Swiss Life Holding and three of its subsidiaries obtained a deferred prosecution agreement on a conspiracy charge in late April, according to Manhattan federal court documents.

The company, founded in 1857, admitted conspiring with U.S. taxpayers to hide assets and income through more than $1.4 billion in offshore insurance policies, the court papers said.

In a brief statement posted on its website, Swiss Life announced the deferred prosecution agreement and its three-year term.

Read more: https://apnews.com/article/europe-government-and-politics-business-5535cc1a8b5f45e1020309d6ce70566a

10 replies, 1186 views

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Response to Omaha Steve (Original post)

Fri May 14, 2021, 12:55 PM

1. Awesome! I think they should put that money towards the debt

It money we were not expecting.

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Response to Omaha Steve (Original post)

Fri May 14, 2021, 12:55 PM

2. They need to go after those using the services too.

They also committed the crime.

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Response to Omaha Steve (Original post)

Fri May 14, 2021, 01:01 PM

3. Peanuts.

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Response to KPN (Reply #3)

Fri May 14, 2021, 01:16 PM

5. It kinda is

Although it is rather creative. I’d never heard of such a scheme, have no idea how it would work. But compared to the many billions that used to be parked in perfectly legal bank accounts there, this definitely does fall into the small potatoes category, especially if it covered several hundred clients. Imelda Marcos it isn’t.

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Response to Omaha Steve (Original post)

Fri May 14, 2021, 01:07 PM

4. Well there was this thread not too long ago

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Response to miyazaki (Reply #4)

Fri May 14, 2021, 01:44 PM

6. I guess these Swiss Mis-fits didn't even believe their own strongly-worded defense!

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Response to miyazaki (Reply #4)

Fri May 14, 2021, 02:04 PM

7. Oh yeah. There's no more Swiss tax havens since years ago as I recall it, right?

Riiiiiiiiiiiiiiiiiight!

...And no one went to the moon either?

SDNY is not looking into Trump's taxes for possibly falsely valuing his properties and debts?



The hits just keep on comin' don't they.

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Response to miyazaki (Reply #4)

Fri May 14, 2021, 02:20 PM

8. This is exactly what I thought of when I read this post. Thanks for linking it. nt

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Response to Omaha Steve (Original post)

Fri May 14, 2021, 03:56 PM

9. Goddamn it

Those of us working stiffs living paycheck to paycheck and living here in Switzerland are under suspicion too.

This hurts all of us Americans living abroad that go to great lengths to file taxes every year at our own expense. You have no idea.

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Response to Omaha Steve (Original post)

Fri May 14, 2021, 06:45 PM

10. Once in their limos: shaking their heads, saying to themselves quietly, "that was sooo worth it."

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