Get in Line Brother & Righten that Wrong #2

Further on the indictment I mentioned here, Tax Notes has an article this morning on the indictment. The article makes it clear that the defendant, one Steven Michael Rubinstein, was probably not your prototypical offshore tax cheat. Among other allegations, the complaint alleges that he purposefully concealed $6 million in offshore accounts. His bail was set at $8 million and he is required to wear an electronic monitoring device on his ankle.

The article concludes with the following ominous statement:

The proceeding is the first of many expected individual criminal cases resulting from the deferred prosecution agreement UBS reached with the Department of Justice in February. As part of the agreement, UBS paid $780 million to avoid criminal charges and Swiss financial officials released the names of approximately 250 previously undisclosed UBS account holders. U.S. authorities initially requested the names of 52,000 UBS account holders. After conducting an internal investigation, Swiss officials determined that only 250 account holders could be identified without violating Swiss bank secrecy laws.

So, it just looks like Rubinstein's case is farther along than the others in the wings. Those who are in the wings -- perhaps the better metaphor is in the sights -- may have little opportunity for voluntary disclosure, but those not yet in the wings / sights have a great opportunity to Get in Line and Righten that Wrong under the Voluntary Disclosure program discussed here and here.

Those interested in pursuing the farther along concept might check here for the Peasall sisters' inspiration on that concept (and also the concept of atonement which is inherent in the voluntary disclosure program).