U.S. Authorities Continue To Target Bankers Who Promoted Offshore Tax Evasion

Renzo Gadola, a former senior banker at UBS AG, was recently sentenced to five years probation for his role in advising U.S. citizens on how to conceal funds in offshore accounts.

Gadola was arrested in November 2010 in Miami after he was caught on tape advising a client not to disclose a previously undeclared Swiss bank account.  Gadola pled guilty in December 2010 to conspiring to impede and impair the IRS and became a key cooperator in the U.S. government’s widening investigation of Americans and Swiss banks suspected of hiding assets to evade billions in taxes. Read Gadola Criminal Complaint and Gradola Statement of Facts.

Gadola provided detailed information on clients and colleagues, as well as the role of Swiss cantonal banks in holding offshore accounts has led to charges being brought against two former colleagues, Martin Lack and Christos Bagios, and at least one former client.

Bagiosis is accused of helping more than 100 U.S. citizens hide more than $500 million from the IRS and is awaiting trial.  Lack, a fugitive, was also charged with helping clients evade taxes through the use of offshore bank accounts.

The Gadola case is just one of several recent high profile cases involving offshore Swiss accounts. And a preview of many more to come, as evidenced by indictment of seven current and former Credit Suisse bankers in July 2011. Read Adami Superseding Indictment.

See Also  Credit Suisse Discloses Account Records of 130 US Citizens to IRS

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