CEO And Chairman Of International Pulp Mill Company, George Landegger, maintained undeclared accounts at a Swiss private bank headquartered in Zurich from at least the early 2000s until 2010 and failed to file the Report of Foreign Bank and Financial Accounts (FBAR) and declare them to the IRS. During that time, G. Landegger’s undeclared assets amounted to over $8.4m, reports the US Justice Department (DoJ). He pleaded guilty of misconduct on January 16, 20015.
According to the filing, in April 2009 a meeting took place in Switzerland between G. Landegger and Swiss bank representatives. The possibilities of disclosing Landegger’s undeclared accounts to the IRS was discussed. G. Landegger rejected the possibility of disclosing his undeclared accounts to the IRS, whether by entering the IRS’s offshore voluntary disclosure program (OVDP) or by any other method. The money was then partly transferred to a new, declared account in Canada, and partly to an undeclared account maintained by another individual in Hong Kong.
‘Landegger, 77, of Ridgefield, Connecticut, faces a maximum sentence of five years in prison. As part of his plea, Landegger has agreed to pay a civil penalty of over $4.2m and back taxes of over $71k. He is scheduled to be sentenced by U.S. District Judge Richard J. Sullivan on May 12, 2015, at 10:00 a.m.’ adds the Doj on their website.