Florida Resident Admits to Hiding $1.1 Million in Bank Accounts Nicknamed ‘Hot Lips’ for 25 Years
Bernard Kramer, an 83-year old man from Delray Beach, Florida plead guilty to hiding $1.1 million from the IRS in Israel and Switzerland bank accounts, nicknamed ‘hot lips’.
The court filing shows that Kramer received periodic disbursements from the unidentified Swiss bank by requesting checks for less than $10,000, which is the threshold that requires banks to report transactions to government regulators. Upon learning that UBS was being investigated by U.S. authorities for helping U.S. taxpayers conceal accounts, Kramer arranged to move his funds to a new account at an Israeli bank in 2010. He failed to report interest and income from these accounts to the IRS and failed to file a FBAR.Kramer held the secret accounts for more than a quarter century – from 1987 to 2012. He plead guilty to conspiracy and agreed to cooperate with government investigators and pay a civil penalty of $588,042 plus his past due taxes. He faces a maximum eight-year prison term at a Manhattan federal court. The sentencing is scheduled for February 6, 2014.
Dozens of wealthy U.S. taxpayers have been charged since the release of Swiss bank accounts evading U.S. taxes became public.
