The New York Times reported today that Finn M. W. Caspersen of Beneficial Finance fame may have hidden millions of dollars overseas. When his death was first reported it seemed suspicious to me. According to the Times:
Caspersen apparently harbored a secret: He was suspected of dodging many millions in federal taxes. The authorities, it seemed, were closing in.
At the time of his death, investigators were building a case against Mr. Caspersen on suspicion of using secret offshore bank accounts to evade taxes.
The authorities had asserted he might have owed as much as $100 million in back taxes and fines or, possibly, even have faced prison, according to a person briefed on the investigation, who was granted anonymity because of the delicacy of the case and the events surrounding Mr. Caspersen’s death.
After UBS released the names of many wealthy clients, the U.S. government made it clear that there would be an amnesty period. (The I.R.S. is offering amnesty to those who disclose their offshore holdings by Sept. 23, 2009. After that, offenders could face criminal prosecution.)
While it is too early to tell if Casperson was involved he certainly helped many people and organizations. Such revelations would certainly be a shock.
The precise nature of the tax investigation was unclear. What is known is that Mr. Caspersen, a longtime fixture in New Jersey political circles, had been swept up in a broad, federal crackdown on the use of offshore bank accounts by wealthy Americans. UBS, the big Swiss bank, divulged the names of nearly 300 of its American clients in February and agreed to hand over several thousand more last month.
HSBC bought Household International, and thus Beneficial Finance and HFC, in 2003. Many observers claim HSBC failed to perform due diligence prior to buying Household.
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