The very last paragraph of my post Fighting Financial Fraud At UK Banks, featured a former vice-president of a global bank who indicated: “there was little standing in the way of a determined criminal because of the ‘complicity or misfeasance’ of many banks and the use of nominees to open bank accounts.”
I believe that little has changed since Fighting Financial Fraud At UK Banks was published in 2007. Nominees, (i.e. intermediaries), are still often employed to stash cash in foreign bank accounts or to otherwise hide assets. USA v. Fredrick, et al., Index No. 13-cr-00072 might be an example of such a case. The Wall Street Journal reported about Fredrick, at U.S. Alleges Two Doctors Hid Millions in Assets Offshore.
A U.S. Department of Justice May 16, 2013 press release also discussed Fredrick. This press release described a suspected tax fraud allegedly facilitated by the use of undeclared foreign bank accounts and nominee entities. The Fredrick indictment mentioned the supposed nominee entities and Swiss and other foreign banks:
(To Read The Indictment Click Below)
Copyright 2013 Fred L. Abrams