11 October 2011 – PREET BHARARA, the United States Attorney for the Southern District of New York, and CHARLES R. PINE, the Special Agent-in-Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation Division (“IRS-CID”), announced the indictment today of DANIELA CASADEI and FABIO FRAZZETTO, two client advisers with a Swiss Bank (“Swiss Bank No. 1”). CASADEI and FRAZZETTO are charged with conspiring with U.S. taxpayer-clients and others to hide more than $600 million in offshore accounts and to evade paying U.S. taxes on those accounts.
Among other things, CASADEI and FRAZZETTO allegedly advised U.S. taxpayer-clients to open undeclared accounts under code or fictional names. The defendants also allegedly advised clients not to worry about U.S. law enforcement authorities because Swiss Bank No. 1 no longer had offices on U.S. soil.