This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Banking's Dirty Secret: The Offshore Gusher

The collection includes H. Ty Warner, billionaire inventor of Beanie Baby collectibles. He pleaded guilty last month to evading taxes through a welter of accounts at Wegelin, HSBC, Credit Suisse and other banks.

"When I signed those [tax] returns," he said in a weepy press conference following his court appearance, "I knew those monies were missing. [The financial documents] were not accurate."

And then there is Russian billionaire Igor Olenicoff, judged one of the 400 richest people in America by Forbes magazine. He was ensnared in a tax sting of UBS (UBS) bank, and pleaded guilty to a single felony count of filing a false tax return. He later aided authorities. He received two years probation in a plea bargain and paid $52 million in back taxes.

Leonid Zaltsberg, a former UBS client, earned fame and fortune kicking goals for the Ukrainian soccer team, which amassed a record six championships in Russia. Now living in New Jersey, he pleaded guilty to failing to tell tax authorities about $2.6 million in offshore accounts. He was sentenced to four years probation and required to pay $1.3 million.

Must Read: Everyone Declares Victory After US Airways/AMR Merger Approval

Elsewhere prominent doctors and lawyers, yacht makers and software developers were netted. Perhaps the most bizarre catch was the Chicago seller of cemetery monuments and gravestones. The profits derived from the families of the bereaved -- millions of dollars -- were quietly laid to rest in the vaults of Switzerland. He paid a penalty of $3.25 million.

-- Written by William Inman

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $11.95 0.00%
JPM $57.49 0.00%
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs