Geneva Freezes Over $1 Billion Belonging to US Tech Entrepreneur

The Geneva prosecutor has blocked more than $1 billion in money from an American businessman in Geneva banks in the biggest tax evasion case in US history. The 79-year-old billionaire has been charged with tax evasion by the US Department of Justice.

The prosecution confirmed a report by online portal Gotham City on Thursday that the blocked funds were deposited with Mirabaud and Syz banks.

On October 15, the US Department of Justice filed charges against the US software entrepreneur for tax evasion, investment fraud, money laundering and other offenses. The man allegedly hid a total of $2 billion (CHF 1.8 million) from the tax authorities for decades.

According to the indictment, the man used a network of offshore entities based in Bermuda and Nevis to hide from IRS income earned on his investments in private equity funds run by a private equity firm. investment based in San Francisco. As part of the alleged scheme, he directed untaxed capital gains income to secret bank accounts in Bermuda and Switzerland.
The indictment further alleges that to execute the fraud, between 1999 and 2019 he took steps such as back-dating recordings and using encrypted communications and code words to communicate with a co -conspirator, among other alleged actions.

Swiss banks

According to the indictment, tens of millions of dollars were deposited in Mirabaud’s accounts. Mirabaud himself was not indicted in this procedure. Bank Syz is not mentioned in the indictment.

The Swiss Financial Market Supervisory Authority FINMA is not yet available for a statement.

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