SWISS BANK ADMITS GUILT & CLOSES

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

 

SWISS BANK TARGETED BY UNITED STATES TAX AUTHORITIES TO ABRUPTLY CLOSE ITS DOORS

Bank Frey & Co AG, a Swiss financial institution under investigation for banking US taxpayers, announced that it will "cease business activity."

 

The announcement stated that the banks was financially sound, and will not be liquidated.

 

The stated reasons for the closing( direct quotes):

 

(1) Increasingly difficult market conditions.

 

(2) Ever-growing regulations and the unsustainable requirements that smaller private banks are required to comply with.

 

(3) The [Swiss] tax dispute with the USA.

 

Though Bank Frey is not currently under indictment in the United States, this action may have taken place at this time due to the recent guilty plea of Swiss-American attorney Edgar Paltzer, in US District Court in New York City,* to Conspiracy to Commit Tax Fraud, in connection with accounts of US taxpayers in the bank. It appears that Paltzer is cooperating with American authorities.

 

Readers who did not see the original article covering the New York Federal case  can find it here**.

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* Case No.: 13-cr-0282 (SD NY). **US Accuses Swiss Lawyer and Banker of Assisting in US Tax Evasion at Swiss Bank

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BANKS AND LAW FIRMS IN OFFSHORE FINANCIAL HAVENS BEING INDICTED

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED S.A ~Contributed & Written by Kenneth Rijock ~

US ACCUSES SWISS LAWYER AND BANKER OF ASSISTING IN US TAX EVASION AT SWISS BANK

A Swiss national who is reported to be the head of private banking at Bank Frey, Stefan Buck, and a partner at a Swiss law firm, Edgar Paltzer, have been indicted, in US District Court* in New York, for assisting US citizens to hide their assets from US taxes. One count of conspiracy has been filed against both defendants, who are reportedly in Switzerland, and not in US custody at this time.

Bank Frey was reportedly the recipient of over $938 million of new deposits, in "flight capital," money from US nationals that was moved out of Switzerland's largest banks, when those banks were targeted by the US Department of Justice. Obviously, the US is investigating Swiss regional and cantonal banks, many of whom opened new accounts for US citizens, and accepted their money.

Will this indictment serve to deter the smaller Swiss bank from hiding US wealth ? We cannot say, but I am sure a number of guilty Swiss bankers are wondering whether they are next. I also wonder what the directors are thinking at the bank today.

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* Case No.: 13-crim-0282 (SDNY). [file not yet unsealed but available through DOJ].