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Massachusetts Man Sentenced for Hiding Millions in Swiss Bank Accounts
In a significant blow to tax evaders, Jacques Wajsfelner, an 83-year-old resident of Weston, Massachusetts, has been sentenced to six months of probation, including three months of home confinement, for willfully failing to file Reports of Foreign Bank and Financial Accounts (“FBARs”) with the IRS.
According to the U.S. Attorney for the Southern District of New York, Preet Bharara, Wajsfelner maintained and controlled Swiss bank accounts at Credit Suisse, Wegelin & Co., and Credit Suisse, which he used to hide millions of dollars from the IRS. The undeclared accounts held assets valued at nearly $5.7 million and $5.5 million, respectively, as of December 31, 2007, and December 31, 2010.
Wajsfelner’s tax returns for the years 2005 through 2011 were false in omitting the information about his Swiss bank accounts. He failed to file FBARs for each of the calendar years from 1995 through 2011, violating U.S. tax laws.
As part of his resolution of the criminal charges, Wajsfelner agreed to pay a civil penalty of over $2.8 million, representing 50% of the high value of the accounts he maintained. He was also ordered to pay back taxes of $419,940 and a fine of $20,000.
The case against Wajsfelner is the latest in a series of prosecutions in the Southern District of New York of U.S. taxpayers who held undeclared accounts in Switzerland at various Swiss banks and failed to make timely voluntary disclosures to the IRS.
Wajsfelner’s sentencing is a significant victory for the U.S. government in its efforts to combat tax evasion and bring to justice those who hide their assets offshore to avoid paying their fair share of taxes.
The case against Beda Singenberger, a Swiss financial adviser who assisted Wajsfelner in hiding his assets, is pending. The charge and allegations against him are merely accusations, and he is presumed innocent unless and until proven guilty.
Wajsfelner’s case is a reminder that the U.S. government takes tax evasion seriously and will aggressively pursue those who attempt to hide their assets offshore.
Defendant: Jacques Wajsfelner
Criminal Charges: Willfully failing to file Reports of Foreign Bank and Financial Accounts (“FBARs”) with the IRS
City and State: Manhattan, New York
Exact Date: Not specified
Sentence or Outcome: Six months of probation, including three months of home confinement, and ordered to pay a civil penalty of over $2.8 million, back taxes of $419,940, and a fine of $20,000
Dollar Amounts: $2.8 million, $419,940, and $20,000
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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