According to DoJ, A federal criminal complaint was unsealed on March 11, 2024 in the Southern District of Florida charging a Florida man with conspiring to defraud the United States by hiding income and assets offshore and with making a false statement to the IRS.
According to the allegations contained in the complaint, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in at least two dozen secret bank accounts at five different Swiss banks, including UBS and Credit Suisse. Over the years, Rotta allegedly earned substantial income from these assets that he did not report on his tax returns.
Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta allegedly took steps to continue concealing his offshore assets, including by closing his UBS account and moving the funds to Credit Suisse and another Swiss bank, and then later transferring the funds into Swiss bank accounts in the name of nominees.
In 2011, the IRS allegedly began auditing Rotta after it obtained evidence that he had unreported foreign financial accounts. (From UBS?) Allegedly, Rotta falsely denied that he had any such accounts. During the audit, the IRS allegedly obtained evidence showing Rotta received transfers of hundreds of thousands of dollars from these foreign accounts that he did not report on his tax returns. Rotta allegedly claimed that these transfers were non-taxable loans from third parties and caused his representative to present the IRS with sham loan documents to corroborate his claims. As part of the scheme, Rotta allegedly enlisted his friend and cousin, Co-Conspirator 1, a native and resident of Brazil, to claim to the IRS that he either made or facilitated the fake loans.
The IRS allegedly did not believe Rotta and assessed additional taxes as well as penalties and interest against him. Rotta allegedly then caused a petition in U.S. Tax Court to be filed that sought a redetermination of the IRS’s assessments. In that petition, Rotta, through his attorney, allegedly falsely denied having any foreign accounts and attached the fictitious loan documents. Furthermore, Rotta allegedly caused Co-Conspirator 1 to travel to the United States and retell the false loan story to IRS attorneys. In 2017, after Rotta allegedly presented evidence showing that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the funds that Rotta purportedly repaid to the third parties allegedly went into accounts that he controlled.
In 2019, after he allegedly became aware that the IRS would receive copies of his Swiss bank records, Rotta attempted to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who willfully do not comply with their tax and reporting obligations can make timely, accurate and complete disclosures of their conduct, which may be a way to resolve their non-compliance and limit their criminal exposure.
In His Submission, Which Was Signed Under Penalties Of Perjury, Rotta Allegedly Made Several False Statements.
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Really???
Rotta was arrested on March 9 and made his initial court appearance on March 11, 2024 before U.S. Magistrate Judge Jared M Strauss of the U.S. District Court for the Southern District of Florida.
If convicted, Rotta faces a maximum penalty of five (5) years in prison for the conspiracy charge and five (5) years in prison for the false statement charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
A complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
an Offshore Bank or Financial Advisors?
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