Taxation
Tax Evasion

Ex-banker’s acquittal in tax case elicits shouts of joy as prosecution stumbles

Burgess COMMENTARY
Taxation is one area where what is lawful may not be right ... and the rich and powerful have been gaming the system for decades (in fact centuries) to enable legitimate taxation to be acoided legally. This is one of the many contributory cause of modern socio-enviro-economic dysfunction and the dangerous issue of economic inequality. It is a sad state of affairs that the article reports jubilation at the verdict!
Peter Burgess

Ex-banker’s acquittal in tax case elicits shouts of joy as prosecution stumbles

A former Swiss banker was acquitted of helping U.S. clients dodge taxes, dealing prosecutors a dramatic loss in their efforts to hold individuals responsible after the government successfully targeted financial institutions.

The trial of Stefan Buck was an unusual courtroom showdown in the decade-old fight by the U.S. against tax evasion aided by financial institutions in Switzerland. While more than three dozen bankers, financial advisers and lawyers have been indicted by American prosecutors, Swiss authorities have no extradition treaty with the U.S., and Buck is one of just a handful that have chosen to cross the Atlantic and face charges.

The not-guilty verdict Tuesday on a single count of conspiracy sparked shouts of joy from Buck’s supporters in the gallery in Manhattan federal court. Buck, 37, once head of the private banking desk at Bank Frey & Co. in Zurich, was acquitted after a three-week trial that included testimony from former clients who described how he helped them hide assets after other Swiss banks refused to deal with them.

“I’m just relieved and happy that my friends and family were supporting me,” a smiling Buck said after the verdict was read.