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Investing and Economics Blog

Rich Americans Sue to Keep Evidence of Their Tax Evasion From the Justice Department

Group of Rich Americans Sues UBS to Keep Names Secret in Tax Case

UBS was sued on Tuesday in a Swiss federal court by wealthy American clients seeking to prevent the disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department.
…
The lawsuit, which UBS described in an internal memo late Tuesday, stems from UBS’s agreement last week to turn over to federal authorities in Washington the names of 250 wealthy Americans suspected of using secret UBS offshore accounts and entities to evade taxes.

UBS reached a $780 million deferred-prosecution agreement to settle accusations that it used undisclosed offshore private banking services to help wealthy Americans evade taxes. But the bank is still under scrutiny by the Justice Department, which is seeking to force it to disclose the names of the 52,000 American clients it suspects may have evaded taxes.

So how many of these people will be serving time in jail do you think. Lets say for example, they ended up stealing $10,000 from the US government by evading taxes. Now UBS has to worry about the Swiss laws on disclosing information. But for the Americans all they are doing is trying to cover up a crime they committed. Do you think they will be punished for the crime in the first place? What about for trying to cover up the crime after the fact? The lack of moral fiber of so many rich in the USA is disheartening. I hope those that tried to steal from all the rest of us, and then tried to cover up their crimes, are thrown in jail at least as long as an average criminal that is young and poor that steals the amount they did and then tries to prevent witnesses from providing evidence to the Justice Department. And not in some country club jail either. But I doubt they will be. More rich people act ethically than those that don’t, but the number that are outrageously unethical is far too high.

Related: Super Spoiled Brats – Why Pay Taxes or be Honest – Estate Tax Repeal – CEOs Plundering Corporate Coffers

February 25th, 2009 John Hunter | 3 Comments | Tags: Taxes

Comments

3 Comments so far

  1. Manshu on February 25, 2009 10:17 pm

    This is really unbelievable. The very fact that they are paying for cover shows that they have a lot to hide. I feel a little disgusted right now.

  2. House Votes to Restore Partial Estate Tax Very Richest: Over $7 Million at Curious Cat Investing and Economics Blog on February 21, 2010 12:54 pm

    The countries with the most private, foreign deposits in billion of $US: United States $2,183; Cayman Islands $1,550; United Kingdom $1,534…

  3. Private Foreign Banking Deposits by Country at Curious Cat Investing and Economics Blog on April 18, 2010 9:00 am

    […] often used in concert with wealthy people avoiding paying taxes. As you may we recall we noted that rich USA tax evaders tried to sue to hide their illegal activities from the Department of Justice. As far as I know those rich thieves have not been put in jail. I guess stealing tens and hundreds […]

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