Tax and Accounting Correspondent
Lynnley's Feed
Nov 7, 2012

Ex-Swiss banker pleads guilty in tax dodging case

By Lynnley Browning and Kevin Gray

(Reuters) – A former Swiss banker pleaded guilty to fraud on Tuesday almost two years after the U.S. government placed him under limited home confinement as part of a long-running investigation of Swiss banks and American tax dodgers.

In federal court in Florida, Christos Bagios pleaded guilty to one count of conspiring to defraud the U.S. government of just over $1 million while employed at UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz).

Nov 6, 2012

Former Swiss banker pleads guilty in U.S. tax probe

WEST PALM BEACH, Florida (Reuters) – A former Swiss banker pleaded guilty on Tuesday to helping Americans hide millions of dollars from U.S. tax authorities, and a judge noted the banker has aided investigators in a broad U.S. probe of tax evasion that has put Swiss banks on the defensive.

Christos Bagios, formerly employed by Swiss financial giants UBS AG and Credit Suisse Group AG, changed his earlier plea from not guilty in the U.S. District Court for Southern Florida. The change of plea had been expected.

Nov 5, 2012

Swiss banker plea seen intensifying U.S. tax dodge inquiry

Nov 5 (Reuters) – These are gloomy times for once
super-secret Swiss banks, with a tax evasion probe by U.S.
authorities grinding on and a former Swiss banker expected to
plead guilty in a Florida court on Tuesday to helping wealthy
Americans dodge U.S. taxes.

Christos Bagios, formerly employed by Credit Suisse
and UBS AG, is accused of helping rich
Americans evade t a xes. He pleaded not guilty last month but is
expected to change his plea to guilty.

Nov 3, 2012

Power returns to lower Manhattan, but many waiting

NEW YORK (Reuters) – Fuel flowed toward disaster victims on Saturday and the lower Manhattan skyline lit up for the first time since superstorm Sandy slammed into the U.S. Northeast, while people in devastated coastal areas endured more hardship.

The power restorations allowed 80 percent of the New York City subway service to resume, and 8 million gallons of fuel have been delivered since the New York Harbor reopened on Friday, Governor Andrew Cuomo said.

Oct 17, 2012

Ex-Swiss banker may be helping US in tax probe-lawyers

Oct 17 (Reuters) – A former Swiss banker accused of helping
rich Americans dodge taxes may be cooperating with a broad U.S.
government investigation of Swiss banks for providing tax
evasion services, lawyers said on Wednesday.

Speculation that Christos Bagios is working with the United
States arose after the ex-employee of Swiss banks Credit Suisse
AG and UBS AG arranged a change-of-plea
hearing following his pleading not-guilty in a U.S. federal
court to new charges of aiding tax evasion.

Oct 17, 2012

Former Swiss banker pleads not guilty to new U.S. tax charges

FORT LAUDERDALE, Florida (Reuters) – A former Swiss private banker pleaded not guilty in a U.S. federal court on Wednesday to new charges that he helped wealthy U.S. clients evade taxes when he worked at UBS AG.

Christos Bagios, a Greek citizen and Swiss resident, was a senior banker at Swiss bank Credit Suisse AG, a rival of UBS, at the time of his arrest by U.S. authorities in January 2011.

Sep 11, 2012

Whistleblower in UBS tax case gets record $104 million

By Patrick Temple-West and Lynnley Browning

(Reuters) – The whistleblower in a landmark tax-dodging case against Swiss bank UBS AG has won a record-setting $104 million reward from U.S. authorities in a strong show of support for the Internal Revenue Service’s controversial whistleblower program.

Bradley Birkenfeld, who once confessed to smuggling diamonds in a toothpaste tube, was not present at the news conference on Tuesday where the award was announced by his lawyers. He is under home confinement in New Hampshire, they said, after being released from prison last month.

Jul 23, 2012

Ex-Mobil executive loses offshore tax fight with IRS

July 23 (Reuters) – Legal pressure on offshore tax evaders
increased with a court ruling that enforced penalties against a
former senior Mobil Oil Corp executive who hid foreign bank
accounts holding more than $7 million from U.S. tax authorities.

In a decision on Friday in favor of the U.S. Internal
Revenue Service (IRS), the Fourth Circuit Court of Appeals in
Richmond, Virginia, ruled against Bryan Williams, a senior
executive at Mobil in the 1980s and 1990s, who concealed the
money in two Swiss offshore accounts at Credit Agricole
Indosuez, a French bank, over 1993-2000, court documents show.

Jul 12, 2012

Soccer’s Manchester United move to Caymans could benefit Glazers in IPO

By Nanette Byrnes and Lynnley Browning

(Reuters) – Companies often incorporate in the Cayman Islands for tax reasons. But in the case of Manchester United, the English soccer team seeking an initial public offering on the New York Stock Exchange, the advantage accrues to its controlling family, the Glazers, at the expense of new public investors.

As part of its IPO, the legendary sports franchise will use a new Cayman Islands company to sell shares, even though the club’s operations are in Britain.

Jul 12, 2012

Manchester United move to Caymans could benefit Glazers in IPO

By Nanette Byrnes and Lynnley Browning

(Reuters) – Companies often incorporate in the Cayman Islands for tax reasons. But in the case of Manchester United, the football team seeking an initial public offering on the New York Stock Exchange, the advantage accrues to its controlling family, the Glazers, at the expense of new public investors.

As part of its IPO, the legendary sports franchise will use a new Cayman Islands company to sell shares, even though the club’s operations are in Britain.