U.S. District Court in the Southern District of Florida received a guilty plea from Wolfgang Roessel of Ft. Lauderdale, FL for filing a false tax return for the 2007 tax year.
Court documents show that the U.S. citizen maintained bank accounts at UBS AG in Switzerland but failed to report them on his tax returns from 2002 to 2007. Roessel also failed to file a Report of Foreign Bank and Financial Accounts (FBAR) for that same tax period.
Roessel opened a UBS numbered investment account in the nominee name of a foreign entity, Neptune Trust, with an opening balance of approximately $4-5 million. In 2004 the Neptune account, along with subaccounts were transferred into the nominee name of another foreign entity, Cyan United, and traded in U.S. and foreign securities. There were periodic meetings between Roessel and a Swiss banker to discuss account performances.
Court records dating back to the 1980s and through the late 2000s in which Roessel held accounts at different times with different banks with deposited foreign proceeds from his business. None of these were reported on his tax returns or his required FBARs.
Roessel knew of the government’s grand jury investigation into his foreign UBS accounts, yet only disclosed the UBS accounts on his tax returns for those years. He did not report the other Swiss account.
The plea agreement will include a tax loss of more than $312,000 for his 2002 through 2007 returns plus an FBAR penalty in which he will owe the U.S. Treasury upwards of $5.8 million, which represents 50 percent of the 2007 unreported foreign bank accounts year-end balance of over $11 million. Roessel faces a potential maximum prison term of three years and a fine of up to $250,000.
A sentencing date has not yet been set.