Forbes has published an article, “Repatriation To U.S. Of $18 Million Of Debtor’s Money In Swiss Bank Accounts In Schwarzbaum”, which discusses the outcomes of U.S. v. Schwarzbaum. The article begins as follows:
In U.S. v. Schwarzbaum, a U.S. Magistrate Judge for the Southern District of Florida considered and granted a motion by the United States to cause a U.S. citizen and resident of Florida, Isac Schwarzbaum, to repatriate to the United States from his Swiss bank accounts an amount in excess of $18 million.
According to the U.S.’s complaint, Schwarzbaum was born in Germany but later migrated to the U.S. and obtained his U.S. citizenship in 2000. After Schwarzbaum became a U.S. citizen, and from 2001 to 2009, Schwarzbaum received substantial monetary gifts from his father who lived in Switzerland. These gifts, and apparently some money that Schwarzbaum made from investments and a Costa Rica company called Bellagio, were deposited into Swiss bank accounts bearing various non-descriptive names, and which accounts were for the ultimate benefit of, were controlled by, Schwarzbaum.
Click here to see the full article: “Repatriation To U.S. Of $18 Million Of Debtor’s Money In Swiss Bank Accounts In Schwarzbaum”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.