Defendant: Wolfgang Roessel
Banks: UBS, Wegelin, Bank A
Entities: Yes (Cyan United A)
High Balance: $11,501,868 (derived from statement that penalty was 50% of high balance)
FBAR Penalty: 5,750,933.99
High Balance: Derived from penalty - $11,501,868
Count of Plea: Tax perjury, Section 7206(1) with 3 year max sentence
Tax Loss: $312,802.95
5K1 Departure Possibility: Yes
Judge: Kathleen Williams
Fact Summary (from press release because these are not covered in the plea agreement; apparently they were stated in court at the plea hearing or otherwise put in writing in the record):
[D]ating back to the 1980s and up through the late 2000s, Roessel held accounts at different times at Bank Wegelin and another Swiss bank (Bank A) into which he deposited foreign proceeds from his business, yet which he neither reported on his tax returns nor on the required FBARs. In the early 2000s, the foreign account at Bank A was put into the nominee name of Cyan United. A Swiss money manager made investments on Roessel’s behalf and met with the defendant periodically to discuss the performance of the account. In 2008 and 2009, during which period the defendant was aware of the government’s grand jury investigation into his foreign UBS accounts, the defendant disclosed only the existence of the UBS accounts on his tax returns for those years and did not report the other Swiss account.From the plea agreement:
5. The United States reserves the right to inform the court and the probation office of a1lSentencing factors from the plea agreement:
facts pertinent to the sentencing process, including all relevant information concerning the
offenses committed, whether charged or not, as well as concerning the defendant and the defendant's background. Subject only to the express terms of any agreed-upon sentencing
recommendations contained in this agreement, the United States further reserves the right to make any recommendation as to the quality and quantity of punishment.
- Standard acceptance of responsibility agreement (downward 2 + 1 levels)
- Recommendation of sentence at low end of SG range. (But note paragraph 5 quoted above.)
- Sophisticate means enhancement (2 levels)
Must work with IRS to determine corporate and individual tax liabilities for years 2002-2009.
Statements can be used against him and waives Rule 410 of FRE and Rule 11(f) of FRCrP. in criminal proceedings and civil proceedings.
I will post an updated spreadsheet this weekend.