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Jailed Banker Who Helped Crack UBS Gets $104 Million Payout

Discussion in 'Off-topic Zone' started by 03EBZ06, Sep 12, 2012.

  1. 03EBZ06

    03EBZ06 Need2Speed

    7,979 Messages
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    Attorneys for jailed former Swiss banker Bradley Birkenfeld announced Tuesday that the IRS will pay him $104 million as a whistleblower reward for information he turned over to the US government.

    The information Birkenfeld revealed detailed the inner workings of the secretive private wealth management division of the Swiss bank UBS (UBS), where the American-born Birkenfeld helped his US clients evade taxes by hiding wealth overseas.

    At one point during his private banking career, Birkenfeld reportedly brought diamonds across the US border secured inside a toothpaste tube.

    Tuesday's announcement represents an astonishing turn of fortune for Birkenfeld, who was released from federal prison in August after serving 31 months on charges relating to his efforts to help a wealthy client avoid taxes.

    He is currently under home confinement in New Hampshire. The terms of his probation prevented Burkenfeld from attending the press conference announcing his windfall. Birkenfeld attorney Stephen Kohn said the information the former Swiss banker turned over to the IRS led directly to the $780 million fine paid to the US by his former employer, UBS, as well as leading over 35,000 taxpayers to participate in amnesty programs to voluntarily repatriate their illegal offshore accounts. Kohn said that resulted in the collection of over $5 billion dollars in back taxes, fines and penalties that otherwise would have remained outside the reach of the government.


    For rest ---> http://finance.yahoo.com/news/jailed-banker-helped-crack-swiss-142921849.html
     
  2. CashMan

    CashMan Well-Known Member

    2,137 Messages
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    I think this was on 60 minutes a few months ago.
     
  3. hipfake08

    hipfake08 Well-Known Member

    8,583 Messages
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    Which through various taxes and attorney fees ended up as $27.31.
     

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