Federal investigators take allegations of white collar crimes very seriously. There are a number of different crimes that fall under the category of white collar crimes. One of the more well-known white collar crimes is fraud. Charges of fraud are very serious and can result in severe penalties if the accused is convicted of the crime.
A Wisconsin neurosurgeon has been indicted on several counts of tax fraud. He is accused of transferring millions of dollars to offshore bank accounts and attempting to hide it from federal authorities.
There is no information as to how long the federal authorities were investigating his actions. But under federal law, any type of financial interests in other countries must be reported to the IRS, including earned income. The neurosurgeon has been accused of failing to report millions of dollars in interest income over a period of three years.
But the neurosurgeon contends that his banks failed to provide any of his account information. In fact, he notes that once he realized that the interest income had not been reported to the IRS, he paid what was the owed on the interest, taxes, and penalties. But even so, the charges of tax fraud were brought against him.
As stated above, these types of charges can lead to serious consequences. For example, if the neurosurgeon is convicted of filing false tax returns, he could face three years in prison and hundreds of thousands of dollars in fines. Foreign charges could mean even more severe penalties.
The outcome depends on a jury's decision. Anyone who faces criminal charges should take them seriously. Defending one's rights can help minimize penalties - it can help to speak with someone who understands what options are available.
Source: Milwaukee Journal-Sentinel online, "Greendale neurosurgeon indicted in tax fraud case," Breann Schossow, 28 June 2011