Another Historic Swiss Bank Under U.S. Tax Spotlight (Sep 2013)

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Source: Reuters – Another historic Swiss bank under U.S. tax spotlight

Notable excerpts:

Swiss private bank Rahn & Bodmer is under investigation by U.S. authorities, it said on Wednesday, the latest bank to be targeted in lengthy dispute over tax evasion.

The Zurich-based bank, set up as a silk trader in 1750, has come under investigation despite a recent Swiss-U.S. deal to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their U.S. customers.

That deal was a step forward in a long-running U.S. drive to pierce the shroud of Swiss bank secrecy and applies to about 100 second-tier Swiss banks, which could have to disclose information and face penalties of up to 50 percent of assets they managed on behalf of wealthy Americans.

The agreement did not, however, cover a first group of banks already under U.S. criminal investigation including Credit Suisse, Julius Baer and state-backed regional bank Zuercher Kantonalbank.

“We knew we would have to go to U.S. authorities, so we began to prepare the documentation concerning our U.S. business some months ago, believing we would be in the second group,” said Rahn & Bodmer partner Christian Rahn by telephone.

“It is difficult to evaluate whether being in the first group of banks is better for us or not.”

He said the bank was informed last week that it was under investigation.

The bank will not need to set aside capital to meet regulatory requirements if it has to pay a fine, as it has provisions which will cover a potential payment to the United States, Rahn said.

Credit Suisse and Julius Baer said in July they were preparing information on client withdrawals demanded by U.S. investigators to help pinpoint tax evasion, which may have fingered other banks.

However, Rahn said he did not believe his bank was being investigated as a result of data in the so-called “leavers lists”, as it had stopped accepting undeclared U.S. assets in 2008 and advised clients with such assets to make voluntary disclosures to the U.S. authorities.

According to its website, the bank was established in 1750, and at the end of 2012 managed client assets of 12.5 billion Swiss francs ($13.4 billion). It employs around 200 people.

It is the oldest bank remaining in the German-speaking part of Switzerland after St. Gallen based Wegelin shut its doors earlier this year following an indictment and fine by U.S. authorities for conspiring to help U.S. clients evade taxes.

UBS paid a fine of $780 million in 2009 and delivered the names of more than 4,000 clients to avoid indictment, giving the U.S. authorities the information that has enabled them to pursue other Swiss banks.

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3 thoughts on “Another Historic Swiss Bank Under U.S. Tax Spotlight (Sep 2013)

  1. Update — 14th Dec. .2013.

    Pictet & Cie Bank —- List of Crimes.

    1996 —– F.S.A— Breach in London.

    2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet
    states that documents were forgeries but were later proved to be genuine in
    the British Courts. He had documents destroyed in their London office —
    hoping to hide the crimes.

    2007 .- – – The Securities and Exchange Surveillance issued a recommendation
    that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

    2008 .– Dec. – Pictet Bank state – ” We have never chosen any funds linked to Madoff.

    2011 – – – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet & Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for $350Million

    2012 – – – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
    Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    2013 — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
    held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.

    Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

    The bank is now seeking to re-structure — to cut the partners liability – hoping to off load their decades of criminal responsibilty – and move onwards to carry out new crimes. The Germans are right — the bankers should go to prison if found guilty of financial crimes..

    Peters &Peters – Partners.— (1999—2013)— guilty.

    Pictet & Cie. — Partners. — (1999 — 2013)—guilty.

    The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police.
    Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael Q.C.–and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine.

    British Parliament. Hansard .29th March 2007.
    Barry Sheerman .M.P.—quote.

    ———“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie – – a French Bank – – and Pictet Asset Management to back the fraud being perpetrated.””

    Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Fraud Squad.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign — June 6th.2008.
    5 .5years —- approx 10 .5 million e-mails – – – but still no writs, injunctions or threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger they are — the harder they fall.!!!
    In America —- they would have all been in prison for the last seven years.

    Feb 2013,— Pictet & Cie Bank Partners remove their unlimited liability.
    They realise that all their personal wealth is at risk , the people they have conned might want their money back.

    Full Story.***
    . ” Google ” or ” Yahoo” .

    Insert– ( Charles Pictet. Banker.
    Insert– ( Ivan Pictet.Banker.
    Insert– ( Jacques de Saussure.Banker.
    Insert– ( Nicolas Pictet. Banker.
    Insert– ( Jean-Francois Demole.Banker.
    Insert — ( Philippe Bertherat. Banker.
    Insert– ( Renaud de Planta. Banker.
    Insert. — ( Monty Raphael.Q.C.)

    Over the last eighteen months we posted the following on hundreds of sites . —

    *** Were currently waiting for the West Yorkshire Police ;-
    (1) Chief Constable . Sir Norman Bettison
    (2) Forces Solicitor. Mike Percival.
    (3) Head of Economic Crime Unit. Det Chief Inspector. Steven Taylor.

    to see if they continue to cover up this case like the FSA. – “ watch this space.”

    We can now state that all the above have been removed from their posts. All three facing criminal allegations.

  2. Sods —- Law.

    Dec. 2013.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank .( Pictet & Cie.)

    Two Yorkshire men both running their own family businesses trying to resolve the problem by taking the correct legal procedures to recover their monies.

    The matter was raised in parliament –twice – the FSA investigated the matter concluding that the bank had rogues operating in their London Bank — but the rogues had left — so there.

    We then approached the Financial Ombudsman Service – our case was dealt with by seven different people —- then numerous E-Mails were ignored — nobody would speak to us. – so there.

    We then asked the SFO ( Serious Fraud Office) to investigate our case
    — the criteria of our case ticked all their boxes — we were instructed not to send down any documents / evidence — in fact they wrote to us advising us to go to the Citizen’s Advice Bureau. ( CAB) .

    RICHARD ALDERMAN ( The Boss) —- who responded to our letter was the man who would not investigate the “ Madoff “ scandal or the “Libor” fiasco. The MP’S committee —– said he was sloppy — and the SFO was run like “ Fred Karno’s Circus. —– so there.

    Our M.P. approached our local Chief Constable to investigate – our West
    Yorkshire Police Force — made “ Dad’s Army” look like the S.A.S.
    Inept , corrupt – from top to bottom. We were criminally dealt with by the Forces Solicitor — the Head of the Economic Crime Unit — and the Chief Constable — one SIR NORMAN BETTISON. —- so there.

    We then were advised to pass our complaint against West Yorkshire Police to the I.P.C.C.— which we did — they instructed the West Yorkshire Police to look into our complaint. —-so there.

    Sir Norman Bettison —and the Forces Solicitor –and the Head of the Economic Crime Unit – all removed from their posts and facing criminal allegatioins. — So there

    We even sought justice through the Courts , culminating in a visit to the Court of Appeal. London. On leaving the Court of Appeal that day our barrister ( a rising star ) informed us that if that was justice then they can keep it. He quit the law and moved to Canada.—-so there.

    We learned a few years later that one of the judge’s in our case at the Courts of Appeal was related to a senior executive of the Bank.—so there.

    The Bank —- PICTET & CIE.. London. — Geneva.
    Voted private bank of the year —2013.
    IVAN PICTET —- the senior partner — lied on numerous occasions and had documents destroyed — said genuine documents were forgeries.
    2012—Voted Banker of the Year.
    Oct 2013 — Given the LEGION of HONOUR — so there

    But saying that honours were given to Hitler—Eichmann— Mussolini —
    Franco – he’s in fitting company. —- so there.

    MONTY RAPHAEL –Peters & Peters. London were the banks lawyers.
    He along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA and the police Fraud Squad.

    Monty Raphael became an Honorary Queens Counsellor. ( Q.C.) in March.2012 —- made Master of the Bench in Nov.2012 .
    An expert in Fraud – the Doyen of Fraud Lawyers – so there.

    This says a lot about Banks —- the consensus of opinion is that they are highly paid “crooks” — no wonder they voted Ivan Pictet banker of the year .

    Full Story —-“ google or yahoo”

    Ivan Pictet. Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

  3. Swiss Bank Accounts.

    Is your monies safe in these accounts —- definitely NOT.
    Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
    Economic Experts say that there would only enough money to repay 50% of their clients.
    Are you going to be in the 50% — that loose your money.– Get it out NOW.

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) —Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    All the fines that crooked Swiss banks have incurred in the last few years exceeds £15.Billion.
    It is also calculated that the secrecy ” agreements” with regards to tax evation by their clients will cost the banks another £45 Billion.

    The banks are panicking — the are quickly restructuring their banks —- from partnerships —
    to ” LIMITED COMPANIES.” —– this will probably mean that in the future — they could
    pay you only 10% of your monies ” if you are one of the lucky ones” —- and it be legal.

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