Swiss banks, hedge funds? assist with tax evasion
by Linda Beale
Two “R”s in the news: Rachel Alexandra and Rudolf Elmer–Swiss banks, hedge funds? assist with tax evasion
Maybe the world is looking up. A filly has won the Eclipse Award for Horse of the Year, by a whopping 130 votes to second runner Zenyatta’s 90 votes. I’ve always had a soft spot in my heart for horses, and especially for fillies. Comes from growing up visiting my country cousins in Tennessee, where my favorite part of the visit was getting to ride old Dan or some other horse.
And Rudolf Elmer is doing his bit, too, to add some cheer to the day. He’s the banker who worked for Swiss bank Julius Baer until he was fired in 2002 and has spent time sense sharing with the world the nefarious deeds of some of the Swiss institutions who have helped clients evade billions in taxes through uses of offshore havens. Says Rudolf “Offshore tax evasion is the biggest theft among societies and neighbor states in this world.” Swiss Banker Blows Whistle on Tax Evasion, New York Times, Jan 19, 2010
Elmer is flying to Germany where he is planning to blow the whistle even louder on Swiss banking assistance for tax evasion. The German authorities are “putting him up in a five-star hotel” but you can bet the U.S. authorities are eagerly probing his show and tell–apparently documents covering more than 1300 individuals and 100 trusts over five years that “detail the undisclosed role of American investment management companies in funneling American, European and South American clients who wished to avoid taxes to Julius Baer.” Elmer’s no saint, obviously, but the IRS strategy is described as “it takes a rogue to catch a thief” (echoes of television’s crime dramas).
The hiding places for all those wealthy tax scoflaws who thought they could just slip their millions into the shadows may not be much good these days. Further, the possible complicity of hedge and private equity firms in assisting tax evasion should, if verified, be the final nail in the coffin of the privileged “carried interest” taxation of hedge and equity fund managers’ compensation.
I knew you liked horses. Don’t ask me how I know that, I can’t explain it. I just knew
Well the plutocracy of course would adore being able to avoid taxes altogether by sending lots of money overseas. But this is really small potatoes. It has plenty of other ways to screw the national interest without resorting to illegality. It has so many legal ways to evade much in the way of taxes already.
What I find amazing is how the public doesn’t seem to get it that Wall Street is only for itself and its friends. It doesn’t give a damn about the public interest or the nation as a whole at all. The US could sink into the muck as long as Wall Steet came out ahead. Look at the testimony of the WS bankers. After having run the economy into the ditch they had no apologies to make. As one person observed: if your 20 million dollar income is cut in half it’s an annoyance perhaps but not quite the same as having a 40 thousand dollar income cut in half or eliminated completely.
warprofiteers=warmongers
I am shocked, shocked to hear that anybody might be so crass as to suggest that wealthy Americans might be hiding assets from taxation.
Maybe the accountants just lost some paperwork or something.
The Bush and Obama administrations combined, in the UBS investigation, to give immunity from prosecution to 14,000+ US tax evaders, not to mention most of the bankers who helped with the schemes.
Good news – the Treasury collected a lot of money in taxes, interest and penalties. And there may be some deterent effect.
Bad news – the chief whistle blower was rewarded by being slammed into federal prison, sort of ironic given the blanket immunity. Who wants to be a whistle blower?
With Wall Street the worst you get is perhaps a sharp slap on the wrist. We mustn’t drive those bankers elsewhere, you know, by actually punishing them. Like for example, they will all resign and become realtors???? Or migrahte to Switzerland, learn to speak French and German, and operate from there?
warprofiteers=warmongers
Rusty,
You know me well enough to know that it is rare for me to defend the US guv on just about anything, but here goes (this could imply that I am balanced in my thinking?):
What you said here seems misleading:
“…to give immunity from prosecution to 14,000+ US tax evaders,…”
This immunity was given as part of an ultimatum in exchange for the offenders repatriating their money and paying whatever taxes were due. What the Justice Dept. did was actually very clever, they offered immunity but without releasing the names on a list that only included some offenders. But the offenders had no way of knowing whether their names were on the list, and so many chose to repatriate who would not have, otherwise. Also, had the immunity not been offered, the offenders, whether those on the list or not, would have very likely moved their money elsewhere. In all of this, it is important to know that only the Swiss have a reputation and historical record of providing the level of security that many have come to depend on. The offenders were therefore forced to decide based on how much a risk they were willing to take, and this during uncertain times. ~ray
“Says Rudolf “Offshore tax evasion is the biggest theft among societies and neighbor states in this world.”
So you decide to quote someone that believes we are all slaves to the state? All our wages are the government’s, who decides what our fair pay is.
I’m still waiting for the ironic event when the first black president reinstitutes slavery, in the form of forcing college students to become “community leaders”.
STR, I have to comment on this, because I was one of those “evaders.”
I used to be an expatriate (I have since returned to the USA). When I went expat, I had NO CLUE that the US taxed you by nationality and not by location in the world. If I were british, for example, and told the UK goverment I was no longer living in the UK, I wouldn’t have to pay US taxes. The US doesn’t work that way, and I got an unhappy surprise. A friend of mine, who is British and a US permanent resident, had some assets in the UK (mostly retirement funds) that she didn’t declare. She, too, got an unpleasant surprise. Both of us are small, small, small fish.
The amnesty was put in place in 2009 as a result of a major change in the tax law. Since there was a big change in the rules, a big punitive change, the IRS made the attempt to get people to come clean, and in the process snagged lots of small fish like my friend and me. It also got a lot of people whose families had money overseas, but not them (stuff like their mother’s retirement account, over which US Taxpayer had power of attorney and thus signatory control). Were we “tax evaders?” Of course. Were we the kind of people who they were after? No.
The actual number of big-fish that they caught is probably quite low. Of the 14,000 or so that were rumoured to have stuff with UBS, less than 150 actually had their names released, and whether the name was released had nothing to do with whether the account holder talked to the IRS first or not.
Sis,
“On Aug. 19, 2009, UBS finalized a deal with the Justice Department and the Internal Revenue Service in which it will ultimately disclose names and account details for more than 4,450 wealthy Americans suspected of tax evasion.”
These 4,450 evaders are from the original investigation and all were UBS customers. Of the more recent tally it is officially described thusly:
Mr. Elmer has given documents to the I.R.S., a Senate subcommittee investigating tax evasion and investigators for Robert M. Morgenthau, then the Manhattan district attorney, his lawyer Jack Blum said. They cover more than 100 trusts, dozens of companies and hedge funds and more than 1,300 individuals, from 1997 through 2002, Mr. Blum said.
So you, nor any other, can know just how many “big fish” have been, or will be encouraged to repat their funds. UBS does not release how many US citizens have secret accounts and so the IRS is withholding who is on the list provided by UBS. The IRS kept this little secret for several months because that left those not on the list unable to find out if their names were on the list or not. This almost certainly created an incentive for many who were being protected by UBS to repat and pay up. Also, one billionaire is worth a thousand millionaires and so without having more info we can only guess? We can though read the info that is available instead of using anecdotes combined with assumptions.
Gee, if I were going to move overseas to work (or marry or whatever) I would likely think for a moment about taxes, but then that has been my business.
The IRS rarely prosecutes little fish, even at home, and even when they don’t confess. But this sort of blanket immunity creates a question of equality in my mind.
Glad everything is ok by you, a member of the Bear community. 😎
Update .Dec . 1st. 2010.
Nov.23 – – -Nov.26 th. 2010.
The following sent to – – – – 312- – Lords – – – – – – House of Lords.
The following sent to – – – – 649 – – M.P.’s – – – – – House of Commons.
BANKS -PARTNERS IN CRIMES.
Pictet & Cie Bank.
Ivan Pictet.
Charles Pictet.
Nicolas Pictet.
Jacques de Saussure.
Jean – Francois Demole.
Renaud de Planta.
Philippe Bertherat..
Pictet & Cie.- claim they are the “Rolls Royce”of swiss banks.
Swiss Banks or more correctly Swizz […]
*** Were currently waiting to see if the West Yorkshire Police :-
(1) Chief Constable —- Sir Norman Bettison.
(2) Forces Solicitor —- Mike Percival.
(3) Head of Economic Crimes Unit.— Det. Chief Inspector Steven Taylor.
— continue to attempt to cover this case up like their F.S.A. Counterparts.
If they do “ watch this space”)
We have recently been informed that due to pressure from our M.P. that the Ministry of Justice have asked Lord Myners to investigate our claims that the F.S.A. covered up the illegal activities of Pictet Asset Management. London. They might as well have asked Ivan Pictet to investigate .or Friends Reunited.
Lady Myners on Prix Pictet board.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their banking licence’s should be taken away in the U.K. ( and fined.)
Their solicitors at Peters & Peters — struck off and prosecuted..
In America they would have all been in prison for the last seven years.
West Yorkshire Police.
We note that Det Chief Inspector Steven Taylor has been removed as Head of the Economic Crime Unit and demoted to Det. Inspector. ( One down two to go.)
A file of some 339 pages including scores of documentation has been forwarded to the following — Aug 4-6th .2011.
640 — Members of Parliament.
460 — Members of the House of Lords.
Ministry of Justice.
F.S.A. – Financial Services Authority.
Serious Fraud Office,
Peters & Peters .London. — Solicitors.
Pictet & Cie Bank — London & Geneva.
West Yorkshire Police Authority.
I.P.C.C.— Independent Police Complaints Commission.
C.C.R.C. — Criminal Cases Review […]
The Criminal Super Class.
Bankers.
Lawyers.
Police. April.2012.
Over approximately five years of hitting the internet with a case that involves criminality by a major Swiss Bank , Britain’s most prominent fraud lawyer and a regional police force headed by one of Britains top policeman. ( Surely justice should prevail.)
In fact the complete opposite even though the offences committed are very serious.
Conspiring to Pervert the Course of Justice.
Perverting the Course of Justice.
Contempt of Court.—————— plus a dozen or so smaller offences.
In the five years some 6-7million e-mails have been forwarded to all Members of Parliaments in Britain and Switzerland, every barrister and chambers in Europe .
Every law inforcement body in both countries , and America. Even raised in Parliament twice.
The banking fraternity fully aware of this case still decide to give the Private Banker of the Year Award to Ivan Pictet — Pictet & Cie Bank. ( Him being the person most responsible for the crimes committed by him and his bank partners. )
The legal fraternity decided that Monty Raphael of Peters & Peters . London became an honourable Queens Counsellor and to rub the salt in six months later made a Master of the Bench. He also was guilty of all the above offences but so what. At this rate he might become King by the end of the year.
The police ( West Yorkshire Police.) headed by Sir Norman Bettison has not improved as a force on fighting crime. They are now worse than the days of the Yorkshire Ripper , when they had him in custody nine times and let him go. If it hadn’t been for the South Yorkshire Police force catching the Ripper he would have still been at large to day […]
Pictet & Cie. Bank – list of crimes.
1996 —- Breach in London.
2003 — FSA — States rogues operating in Pictet’s –London
Office . Ivan Pictet said documents were forgeries but
were lated proved to be genuine. Had documents held
in London office destroyed.
2007 — Japan. —- The Securities and Exchange Surveillance
issued a recommendation that the Prime Minister and
The Commissioner of the FSA to take disciplinary
action against Pictet Asset Management. Japan Ltd.
2008 — Dec. —Pictet Bank state — “ we have never chosen
any funds linked to Madoff.”
2011 — Madoff Trustees sue Pictet & Cie. For $156 Million.
2011— Bank at centre of Bribery and money laundering case.
Being sued for $350 million. ( In U.S.A.)
2012.— Geneva Bank Pictet used in Offshore Tax Scheme.
U.S. Authority states.
Update — 22 Sept. .2013.
Pictet & Cie Bank —- List of Crimes.
1996 —– F.S.A— Breach in London.
2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet
states that documents were forgeries but were later proved to be genuine in
the British Courts. He had documents destroyed in their London office —
hoping to hide the crimes.
2007 .- – – The Securities and Exchange Surveillance issued a recommendation
that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.
2008 .– Dec. – Pictet Bank state – ” We have never chosen any funds linked to Madoff.
2011 – – – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.
2011- – – Pictet & Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for $350Million
2012 – – – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)
2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.
2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
Panama and a tax loophole involving investments in London to gain
German millionaires as clients.
2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”
2013 — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.
Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.
The bank is now seeking to re-structure — to cut the partners liability – hoping to off load their decades of criminal responsibilty – and move onwards to carry out new crimes. The Germans are right — the bankers should go to prison if found guilty of financial crimes..
Peters &Peters – Partners.— (1999—2013)— guilty.
Pictet & Cie. — Partners. — (1999 — 2013)—guilty.
The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.
British Parliament. Hansard .29th March 2007.
Barry Sheerman .M.P.—quote.
———“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie – – a French Bank – – and Pictet Asset Management to back the fraud being perpetrated.””
(1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.)( Monty Raphael .Q.C.)
(2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted .( Monty Raphael.Q.C.)
(3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery .( Monty Raphael Q.C.)
(4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael Q.C.).
(5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation .(Monty Raphael Q.C.)
(6)It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention.( Monty Raphael.Q.C.)
(7)It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A.
In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.”
*** We thank –David Cameron. M.P. ( Canary Wharf Speech.)
PRIME MINISTER.
(1) Bankers who behave irresponsibly should face professional consequences.
(2) If anyone is found to have behaved criminally they must be prosecuted.
(3) The F.S.A and the Serious Fraud Office should be following up every lead,
investigating every suspect transaction .
(4) We need to make it 100% clear –those who break the law should face
prosecution.
(5) That we make sure we root out any wrongdoing that may have happened, whoever
is involved, however high or well connected they may be.
Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Fraud Squad.
Written Parliamentary Questions received by the table office ..
(1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.
(2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.
Quote. ( America’s Top Lawyer .)
You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.
*** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.
The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.
Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”
*** Started campaign — June 6th.2008.
4 .5years —- approx 8 .5 million e-mails – – – but still no writs, injunctions or threats of litigation – – – WHY – – – because it is all true.
*** . The bigger they are — the harder they fall.!!!
In America —- they would have all been in prison for the last seven years.
Feb 2013,— Pictet & Cie Bank Partners remove their unlimited liability.
They realise that all their personal wealth is at risk , the people they have conned might want their money back.
Full Story.***
. ” Google ” or ” Yahoo” .
Insert– ( Charles Pictet. Banker.
Insert– ( Ivan Pictet.Banker.
Insert– ( Jacques de Saussure.Banker.
Insert– ( Nicolas Pictet. Banker.
Insert– ( Jean-Francois Demole.Banker.
Insert — ( Philippe Bertherat. Banker.
Insert– ( Renaud de Planta. Banker.
Insert. — ( Monty Raphael.Q.C.)
Over the last eighteen months we posted the following on hundreds of sites . —
*** Were currently waiting for the West Yorkshire Police ;-
(1) Chief Constable . Sir Norman Bettison
(2) Forces Solicitor. Mike Percival.
(3) Head of Economic Crime Unit. Det Chief Inspector. Steven Taylor.
to see if they continue to cover up this case like the FSA. – “ watch this space.”
We can now state that all the above have been removed from their posts. All three facing criminal allegations.
Sods —- Law.
Dec. 2013.
For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank .( Pictet & Cie.)
Two Yorkshire men both running their own family businesses trying to resolve the problem by taking the correct legal procedures to recover their monies.
The matter was raised in parliament –twice – the FSA investigated the matter concluding that the bank had rogues operating in their London Bank — but the rogues had left — so there.
We then approached the Financial Ombudsman Service – our case was dealt with by seven different people —- then numerous E-Mails were ignored — nobody would speak to us. – so there.
We then asked the SFO ( Serious Fraud Office) to investigate our case
— the criteria of our case ticked all their boxes — we were instructed not to send down any documents / evidence — in fact they wrote to us advising us to go to the Citizen’s Advice Bureau. ( CAB) .
RICHARD ALDERMAN ( The Boss) —- who responded to our letter was the man who would not investigate the “ Madoff “ scandal or the “Libor” fiasco. The MP’S committee —– said he was sloppy — and the SFO was run like “ Fred Karno’s Circus. —– so there.
Our M.P. approached our local Chief Constable to investigate – our West
Yorkshire Police Force — made “ Dad’s Army” look like the S.A.S.
Inept , corrupt – from top to bottom. We were criminally dealt with by the Forces Solicitor — the Head of the Economic Crime Unit — and the Chief Constable — one SIR NORMAN BETTISON. —- so there.
We then were advised to pass our complaint against West Yorkshire Police to the I.P.C.C.— which we did — they instructed the West Yorkshire Police to look into our complaint. —-so there.
Sir Norman Bettison —and the Forces Solicitor –and the Head of the Economic Crime Unit – all removed from their posts and facing criminal allegatioins. — So there
We even sought justice through the Courts , culminating in a visit to the Court of Appeal. London. On leaving the Court of Appeal that day our barrister ( a rising star ) informed us that if that was justice then they can keep it. He quit the law and moved to Canada.—-so there.
We learned a few years later that one of the judge’s in our case at the Courts of Appeal was related to a senior executive of the Bank.—so there.
The Bank —- PICTET & CIE.. London. — Geneva.
Voted private bank of the year —2013.
IVAN PICTET —- the senior partner — lied on numerous occasions and had documents destroyed — said genuine documents were forgeries.
2012—Voted Banker of the Year.
Oct 2013 — Given the LEGION of HONOUR — so there
But saying that honours were given to Hitler—Eichmann— Mussolini —
Franco – he’s in fitting company. —- so there.
MONTY RAPHAEL –Peters & Peters. London were the banks lawyers.
He along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA and the police Fraud Squad.
Monty Raphael became an Honorary Queens Counsellor. ( Q.C.) in March.2012 —- made Master of the Bench in Nov.2012 .
An expert in Fraud – the Doyen of Fraud Lawyers – so there.
This says a lot about Banks —- the consensus of opinion is that they are highly paid “crooks” — no wonder they voted Ivan Pictet banker of the year .
Full Story —-“ google or yahoo”
Ivan Pictet. Banker.
Monty Raphael.Q.C.
Ivan Pictet/Monty Raphael.