{"id":5345,"date":"2012-09-13T00:00:00","date_gmt":"2012-09-13T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/09\/irs_pays_whistleblower_104m_fo"},"modified":"2022-04-28T15:41:33","modified_gmt":"2022-04-28T20:41:33","slug":"irs-pays-whistleblower-104m-fo","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/irs-pays-whistleblower-104m-fo\/","title":{"rendered":"IRS Pays Whistleblower $104M for Exposing Tax Evasion at UBS AG"},"content":{"rendered":"

In the largest individual federal payout in our nation\u2019s history, the Internal Revenue Service has awarded ex-UBS AG (UBSN) <\/a>Bradley Birkenfeld $104 million for acting as a whistleblower and exposing wide scale tax evasion involving the Swiss Bank. Birkenfeld, who was released from prison last month after serving 2.5 years in prison for fraud conspiracy related to this matter, is the one who revealed to the IRS how the Swiss bank helped thousands of Americans evade paying their taxes. He reported that in handling $20 billion in undeclared assets annually, UBS made $200 million a year.<\/p>\n

The information that he provided led to UBS paying a $780 million fine so that it wouldn\u2019t be prosecuted over the allegations. The Swiss bank also consented to an unprecedented agreement for it to give over the names of thousands of US citizens suspected of tax evasion and admitted that it fostered tax evasion between 2000 and 2007. UBS would eventually hand over information on 4,700 of its accounts.<\/p>\n

At least 33,000 Americans have since voluntary disclosed to the IRS that they have offshore accounts. This resulted in over $5 billion.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In the largest individual federal payout in our nation\u2019s history, the Internal Revenue Service has awarded ex-UBS AG (UBSN) Bradley Birkenfeld $104 million for acting as a whistleblower and exposing wide scale tax evasion involving the Swiss Bank. Birkenfeld, who was released from prison last month after serving 2.5 years in prison for fraud conspiracy […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3755],"tags":[],"class_list":["post-5345","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-ubs"],"yoast_head":"\nIRS Pays Whistleblower $104M for Exposing Tax Evasion at UBS AG — Investor Lawyers Blog — September 13, 2012<\/title>\n<meta name=\"description\" content=\"In the largest individual federal payout in our nation\u2019s history, the Internal Revenue Service has awarded ex-UBS AG (UBSN) Bradley Birkenfeld $104 — September 13, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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