Posted Aug 26, 2013 07:40 pm CDT
A Zurich-based attorney who recently took a plea after being charged with helping American clients hide assets in Swiss bank accounts has been allowed to return home prior to his February sentencing after posting bail with a work of art.
The $500,000 piece, La Gardeuse de Chevres, is being held by a New York law firm representing Edgar Paltzer, pending his return to federal court in New York, according to the MoneyBeat page of the Wall Street Journal (sub. req.).
Using property to secure bond isn’t particularly unusual, his defense lawyer, Thomas Ostrander, told the newspaper. “In this case the agreed security was this work of art.”
Paltzer holds dual Swiss and U.S. citizenship and is licensed to practice in New York.
ABAJournal.com: “Swiss lawyer pleads guilty in tax probe; indictment details how he helped US clients hide money”