A word of advice—if you plan to help clients hide assets from the IRS, don’t inadvertently mail an incriminating list of names and account numbers that somehow ends up in the hands of regulators.
Sounds obvious, but it’s exactly what happened to Swiss financial advisor Beda Singenberger.
Federal prosecutors charge that over an 11-year period, Singenberger helped 60 people in the U.S. hide $184 million in secret offshore accounts, according to Bloomberg. He attached colorful names like Real Cool Investments Ltd. and Wanderlust Foundation.
Then, according to the news service, Singenberger inadvertently mailed a list of his U.S. clients, including their names and other details, which eventually wound up with federal authorities.