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Southern California Residents Sentenced to Prison for Hiding Millions of Dollars in Secret Foreign Bank Accounts

by Igor Drabkin | Apr 25, 2017 | Criminal Tax, FBAR, Internal Revenue Service, Offshore Income

judge's gavel

Three Orange County, California residents, Dan Kalili, his brother David Kalili, and David Azarian, were sentenced to prison today for willfully failing to file Foreign Bank Account Reports (FBAR), disclosing their secret accounts in Switzerland and Israel.

The three defendants maintained secret bank accounts at Credit Suisse and UBS in Switzerland, hiding their identities by having bank accounts in the names of offshore corporations.  In 2008, the defendants were informed by their Swiss bankers that the Swiss banks were under investigation by the U.S. authorities.  The three individuals opened new secret bank accounts in Israel and moved the funds to two Israeli banks.

Dan Kalili was sentenced to 12 months in prison, while his brother David Kalili and David Azarian were sentenced to 8 months each.  In addition to the term of prison imposed, Dan Kalili was ordered to  pay $337,443 in restitution and a civil penalty of $2,674,329. David Kalili was ordered to pay $243,019 in restitution and agreed to pay a civil penalty of $1,325.121. Azarian was ordered to pay $197,840 in restitution. He also agreed to pay a civil penalty of $951,607.

You can find more details about this case by clicking on this link:

https://www.justice.gov/opa/pr/southern-california-residents-sentenced-prison-hiding-millions-dollars-secret-foreign-bank

Former IRS Attorneys of Holtz, Slavett & Drabkin have a lot of experience representing taxpayers in matters related to foreign bank accounts reporting, including FBAR audits, criminal investigations and Offshore Voluntary Disclosure Procedures.   You can contact us at (310) 550-6200 to schedule a consultation.

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Internal Revenue Service > Criminal Tax > Southern California Residents Sentenced to Prison for Hiding Millions of Dollars in Secret Foreign Bank Accounts

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