Geneva freezes more than $1bn belonging to US tech entrepreneur
Geneva's banking district
Keystone
The Geneva public prosecutor has blocked over a billion dollars of a US businessman's money in Geneva banks as part of the biggest tax evasion case in US history. The 79-year-old billionaire has been accused of tax fraud by the US Department of Justice.
This content was published on
2 minutes
Keystone-SDA/AWP/ts
The prosecutor’s office on Thursday confirmed a report from the online portal Gotham City which said the blocked funds had been deposited with the banks Mirabaud and Syz.
On October 15 the US Department of Justice filed charges against the US software entrepreneur for tax evasion, investment fraud, money laundering and other offences. The man is said to have hidden a total of $2 billion (CHF1.8 million) from the tax authorities for decades.
According to the indictment, the man used a web of offshore entities based in Bermuda and Nevis to hide from the IRS income earned on his investments in private equity funds which were managed by a San Francisco-based investment firm. As part of the alleged scheme, he directed untaxed capital gains income to secret bank accounts in Bermuda and Switzerland.
The indictment further alleges that to execute the fraud, between 1999 and 2019, he took measures such as backdating records and using encrypted communications and code words to communicate with a co-conspirator, among other alleged actions.
Swiss banks
According to the indictment, tens of millions of dollars have been deposited in Mirabaud’s accounts. Mirabaud itself has not been indicted in these proceedings. Bank Syz is not mentioned in the indictment.
The Swiss Financial Market Supervisory Authority FINMA has not yet been available for a statement.
Related Stories
Popular Stories
More
Swiss Politics
United States’ ‘second lady’ observes Swiss training system
Switzerland could produce up to 5Mt of emissions annually by 2050
This content was published on
Two to five megatonnes of CO2 equivalents per year: this is the amount of greenhouse gas emissions that Switzerland is still expected to produce annually in 2050, a new study shows.
US tariffs putting 100,000 jobs at risk in Switzerland
This content was published on
US tariffs of 39% on Swiss imports will directly affect 100,000 jobs, mainly in the watchmaking, machinery, metals, and food industries, economiesuisse warns.
This content was published on
Switzerland has released CHF4 million (nearly $5 million) to help Sudan, which has been severely affected by famine and cholera.
Switzerland rejects new Israeli settlements in Palestinian territory
This content was published on
Switzerland says it rejects the announced construction of thousands of housing units in the Israeli-occupied Palestinian West Bank.
Larry Finck and André Hoffmann named interim co-chairs of WEF board
This content was published on
The WEF also revealed an investigation commissioned by the board has cleared its founder Klaus Schwab and his wife of accusations made by anonymous whistleblowers.
Vice-president of German parliament in favour of Switzerland joining EU
This content was published on
The vice-president of the Bundestag says his country should support closer ties between Switzerland and the European Union given the customs conflict with the United States.
Lindt & Sprüngli reportedly considering shifting Easter bunny production to US
This content was published on
Swiss chocolate manufacturer Lindt & Sprüngli could relocate the production of its gold-wrapped Easter bunnies to the US in order to circumvent the import tariffs imposed by the Trump administration.
Swiss petition launched against curbing 30km/h speed limit
This content was published on
The Traffic Club of Switzerland (TCS) has submitted a petition to the Federal Chancellery, challenging the 30km/h speed limit on local roads.
Switzerland agrees terms for returning confiscated Uzbek assets
This content was published on
Switzerland has signed a deal with Uzbekistan with a view to the restitution of confiscated assets to the central Asian nation.
Venezuelan ex-minister hoarded money in Switzerland
This content was published on
As US justice authorities investigate corruption among Venezuela’s former leaders, there is evidence that embezzled funds flowed into Swiss banks.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.