Former Swiss Bank Client Sentenced to 3 Months – Los Angeles Income Tax Planning & Income Tax Litigation Attorney Bruce Givner

by Bruce Givner on November 13, 2014

On October 30, a former account holder at a now-closed Swiss bank was sentenced to a three month prison term for concealing more than $1 million in a secret account from the IRS.

Viktor Kordash, from Cliffside Park, NJ, was also sentenced to three years of supervised release and, as part of his guilty plea, ordered to pay more than $286,000 in back taxes and more than $750,000 in civil penalties. Kordash failed to file Reports of Foreign Bank and Financial Accounts (FBARs) with the IRS for his secret account for more than twenty years.

Kordash maintained and operated a secret account at the private Swiss bank Wegelin & Co, which he used as an operating and investment fund for his antique reproductions business in New York and from which he received tens of thousands of dollars in cash distributions. In January of 2013, Wegelin pleaded guilty to helping US taxpayers in maintaining their undeclared accounts.

Kordash first opened the account in the early 1980’s while he was living in Russia as a Russian citizen. After emigrating to the US in 1984 and becoming a citizen in 1986, Kordash continued to maintain and operate the secret account.

Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, estate planning, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles, Orange, Ventura, San Bernardino, Riverside and Santa Barbara Counties. Call Los Angeles Estate Planning and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.

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