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Tax Law

Billionaire Olenicoff’s Plea Docs Describe Tax Evasion Techniques

Posted May 30, 2008 6:18 PM CDT
By Martha Neil

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Recent court filings concerning a tax evasion plea deal by billionaire Igor Olenicoff may cast a brighter light on similar efforts by less-wealthy individuals to evade U.S. income tax.

Filings in federal court in Santa Ana, Calif., show the real estate magnate had accounts with Barclays Bank in the Bahamas, Neue Bank in Liechtenstein, Salomon Smith Barney in London and UBS in Switzerland, Bloomberg reports. Meanwhile, former UBS banker Bradley Birkenfeld, a U.S. citizen, has agreed to plead guilty June 9 in federal court in Fort Lauderdale, Fla., and is likely to shed further light on the situation.

"The Birkenfeld indictment, along with Olenicoff's plea documents and court statements, may help illuminate how wealthy U.S. residents move money around the world to avoid paying taxes," Bloomberg writes. "Zurich-based UBS, the world's biggest money manager for wealthy individuals, has said it's cooperating with the U.S. Justice Department investigation."

As discussed in earlier ABAJournal.com posts, a spy saga involving Germany and Liechtenstein resulted in the exposure of numerous once-secret bank accounts there and international tax-fraud investigations.

Related coverage:

Bloomberg: "UBS Faces More Client Defections After Banker's Plea"

ABAJournal.com: "Tough Calls for US Tax Dodgers & Counsel; Secret Bank Accounts Exposed"

ABAJournal.com: "Revised Reporting Law Could Mean Big Penalties for U.S. Clients of UBS"

ABAJournal.com: "If You Bank in Liechtenstein, You May Have a Problem"

ABAJournal.com: "Billionaire Pleads, Pays $52M Tax Bill"

Forbes (2006): "The Billionaire With the Empty Pockets"

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