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Florida man pleads guilty to using Swiss ‘Hot Lips’ account to avoid paying taxes
http://www.rawstory.com/rs/2014/08/19/florida-man-pleads-guilty-to-using-swiss-hot-lips-account-to-avoid-paying-taxes/Florida man pleads guilty to using Swiss ‘Hot Lips’ account to avoid paying taxes
By Reuters
Tuesday, August 19, 2014 16:48 EDT
By Joseph Ax and Jonathan Stempel
NEW YORK (Reuters) – A Florida man on Tuesday pleaded guilty in New York to criminal charges for concealing as much $1.1 million in offshore accounts, even after learning that U.S. authorities were cracking down on wealthy Americans evading taxes.
Bernard Kramer, 83, pleaded guilty to conspiracy and submitting false tax returns, stemming from a scheme that prosecutors said ran for a quarter century and involved an undeclared Swiss bank account he referred to as “Hot Lips.”
Kramer also agreed to cooperate with prosecutors in ongoing investigations, according to U.S. District Judge Alvin Hellerstein, who accepted Kramer’s plea in Manhattan federal court.
According to court papers made public on Tuesday, Kramer, who has also lived in New Jersey, began evading taxes around 1987 when he opened the undeclared account at an unnamed Swiss bank.