Bank Frey Executive and Swiss Lawyer Indicted

Bank Frey Executive and Swiss Lawyer Indicted

The USA for SDNY has announced, here, the indictment of Stefan Buck, head of "Bank 1" (Bank Frey), and Edgar Paltzer, a partner at a Swiss law firm, a dual U.S.-Swiss citizen, and a registered attorney in NY. (A copy of the indictment is here.) According to the press release, they "are each charged with one count of conspiring with U.S. taxpayer-clients and others to hide millions of dollars in offshore accounts from the IRS and to evade U.S. taxes on the income earned in those accounts." The following are other key excerpts from the press release:

PALTZER is a U.S. - and Swiss-trained lawyer who began to practice at the Swiss Law Firm in 1998, in the fields of international private client work, wealth transfer planning, successions, trusts and foundations, and eventually became a partner. PALTZER is licensed to practice in New York State.

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Key points:

Defendants: Edgar Paltzer and Stefan Buck
Charge: Conspiracy (1 count)
Bank(s): Bank 1 (Bank Frey), Bank 2 ("purported to be the oldest private bank in Zurich"), Swiss Bank No. 3, Swiss Bank No. 4, Swiss Bank No. 5, Swiss Bank No. 6, Swiss Bank No. 7, Liechtenstein Bank

Interesting (to me) excerpts from the indictment:

5. Swiss Bank No. 1 is a private Swiss bank that has, since in or about 2000, provided, among other services, advisory and portfolio management services for individuals and entities, including U.S. taxpayers in the Southern District of . New York. At all times relevant to this Indictment, Swiss Bank No. 1 did not maintain any offices in the United States. The founder and chairman of the board of directors of Swiss Bank No. 1 is a partner of EDGAR PALTZER, the defendant, at the Swiss Law Firm and, like PALTZER, obtained an advanced degree at a law school in the United States.

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