Pius Kampfen, a former Swiss banker, has pleaded guilty to an information charging him with wilful failure to file the required reports of foreign bank accounts (FBAR) for a Swiss bank account he controlled.
According to the plea agreement, Kampfen, who worked for Switzerland’s Julius Baer for 40 years, kept accounts at a number of Swiss-based banks until long after he retired in 2001, but failed to report those on his US tax returns.
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"Kampfen was the beneficial owner of a number of bank accounts in Switzerland held in the name Albia Investments. Between 2000 and June 2012, he maintained accounts in the name of Albia at UBS, Pictet & Cie, ABN-AMRO, Bank Vontobel and Baumann & Cie," the US Department of Justice said in a stement.
"For the years 2007, 2008 and 2009, Kampfen failed to report any of the Albia accounts on his income tax returns or file FBARs for the accounts despite the fact that he knew he was required to do so," teh statement added.
As part of his plea agreement, Kampfen has agreed to pay an FBAR penalty of US$1.46 million before he is sentenced.
Sentencing has been scheduled for 4 October 2013. Kampfen faces a maximum penalty of five years in prison and a fine of up to US$250,000.
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By GlobalData
