https://www.youtube.com/watch?v=R37tVCqNC1Q

In USA v Dan Horsky prosecutors claimed Mr. Horsky had hidden money in Zurich, Switzerland at Credit Suisse and at other offshore banks. The gravamen of the allegations at Mr. Horsky’s criminal complaint was that Mr. Horsky concealed $200 million from the IRS in a tax fraud scheme. Two years ago Mr. Horsky was sentenced to seven months of prison for his scheme. Mr. Horsky also paid a $100 million fine for failing to report his offshore bank accounts/failing to file FBAR 114 Forms with the U.S. Government. Meanwhile, Mr. Horsky’s scheme seems to have been replete with money laundering indicators. These money laundering indicators were Mr. Horsky’s suspected use of:

  1. multiple jurisdictions;
  2. offshore bank accounts;
  3. shell companies;
  4. nominees (intermediaries/strawpersons);
  5. valuable art;
  6. & an offshore credit card.

By transferring money through multiple jurisdictions; offshore bank accounts; etc., one can disguise the beneficial ownership of money. An individual or corporation might use just one of these elements or a combination of them to secretly transfer money.  The elements can be used as laundering links to wash hidden money in a money laundering circuit.  Mr. Horsky is thought to have hidden money by transferring it through multiple jurisdictions at banks in the United States and Zurich, Switzerland. Mr. Horsky is believed to have titled his offshore bank accounts in the names of offshore shell companies he had established.

At his shell companies, Mr. Horsky allegedly used a nominee director who lived in Zurich. Mr. Horsky reportedly hid valuable stock certificates he owned in an online auction company, by physically depositing them into a Swiss stock custody account.  In addition, Mr. Horsky purchased fine art from auction houses across the globe and apparently paid for the art with monies from his offshore bank account(s). Mr. Horsky was also accused of having an offshore credit card which he only used in Europe. At the “Position Of The United States With Respect To Sentencing,” you can read more about how Mr. Horsky supposedly hid his money.

Copyright 2019 Fred L. Abrams

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Fred L. Abrams has located tens of millions of dollars hidden in offshore tax havens and filed legal proceedings in Zurich, Geneva, Tel Aviv, Amsterdam and Puerto Rico to seek discovery from foreign bank witnesses. A member of the New York bar since 1990, he has handled a wide variety of legal matters in which assets were hidden, such as RICO, money laundering, identity theft and tax fraud.