J.P. Morgan Chase Reported to Be Near Settlement with Federal Prosecutors

Today The New York Times is reporting that banking giant JP Morgan Chase is nearing settlement with the United States Attorney for the Southern District of New York on a deferred prosecution agreement arising out of the bank’s relationship with convicted Wall Street swindler Bernard Madoff. The settlement will result in the government not filing […]

IRS Offers Second Amnesty Program

The Internal Revenue Service has created an amnesty program for offshore account holders for the second time in three years. The intent of the amnesty is to lure tax evaders to self report. The penalties to which such self reporting individuals are subject are considerably less than if the government had uncovered the evasion. Additionally, […]

UBS to Notify Customers of IRS Interest

Swiss banking giant UBS will notify customers if their accounts are of interest to the IRS in its investigation of tax evasion through the use of UBS accounts. Based upon a previous agreement between the bank and the U.S. Department of Justice, UBS had agreed to supply banking information for 4500 of its American account […]

UBS and Justice Department Reach Deferred Prosecution Agreement in Massive Tax Fraud

UBS, the world’s largest private bank has reached a deferred prosecution agreement with the U.S. Department of Justice. The agreement requires UBS to pay $780 million to settle charges that it helped wealthy Americans evade payment of taxes. The agreement pierces Swiss secrecy laws as it requires the bank to turn over the the U.S. […]

Mortgage Fraud Rampant in South Florida

Florida ranks first in the country in mortgage fraud and second in foreclosures. Much of the fraud has taken place in South Florida. During the real estate bubble, phony sales and dissemination of false information was common place. Because the prices of real estate kept rising, the underlying fraud did not come to light because […]