Belize Firm Charged in $500 Million Tax-Evasion Scheme
IPC Management Services LLC, a Belize-based investment firm, and its founder were accused of a $500 million scheme to launder money and hide investments as part of a U.S. crackdown on tax evasion.
Robert Bandfield, a U.S. citizen, was charged in an indictment unsealed today in Brooklyn federal court with conspiring to commit securities fraud, tax fraud and money laundering. Five other individuals and six companies are accused of taking part in the plan that involved as many as 100 U.S. clients, according to prosecutors.
Unlike in many other countries, the U.S. taxes citizens on their worldwide income regardless of where they actually live. U.S. officials have been cracking down on possible tax sheltering in foreign accounts. Overseas payments have also become subject to new disclosure requirements.
Titan International Securities Inc., Legacy Global Markets S.A. and Unicorn International Securities LLC were among the companies also charged.
Source: bloomberg
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