Criminal Justice

Swiss lawyer is accused of helping Americans evade taxes on income from offshore accounts


A Swiss lawyer who is also licensed in New York is being accused of helping Americans hide money in overseas accounts.

An indictment in Manhattan federal court describes lawyer Edgar Paltzer as a partner in a Swiss law firm. He is charged with one count of conspiracy, report the Wall Street Journal (sub. req.), Reuters, Bloomberg News and a press release.

The indictment (PDF) alleges that Paltzer and Swiss banker Stefan Buck opened undeclared accounts for U.S. clients who had been told they had to close their accounts by other Swiss banks. Buck is also charged with one conspiracy count.

Paltzer is accused of using sham foundations and corporations to conceal income generated by the accounts from the Internal Revenue Service.

Reuters says the case “is the latest in a string of prosecutions from the Justice Department aimed at curtailing offshore tax evasion services sold by Swiss and Swiss-style banks.”

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