By Trend News Line 2024-03-23 16:15:14.
The peaceful worldwide center of tax evasion known as Zurich continues to make headlines as another individual is caught in the web of offshore financial schemes. Dan Rotta, a Florida man, is now facing a Criminal Complaint in U.S. v. Rotta, S.D.Fla. Case No. 24-MJ-2479 (March 8, 2024), as per the U.S. Department of Justice Press Release on March 11, 2024.
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Rotta, a U.S. citizen with dual citizenships in Romania and Brazil, allegedly engaged in a decades-long tax evasion scheme involving Swiss bank accounts. Starting in 1985, Rotta opened accounts with Credit Suisse and Bank Julius Baer in Switzerland, using various company names to conceal his ownership. These accounts were used to generate substantial investment income, which Rotta allegedly used to fund his lavish lifestyle in Florida.
In response to new Swiss bank requirements in 2001, Rotta transferred his assets to a company called Citaro International Business Corporation, Ltd., based in the British Virgin Islands. This company, owned by the NAD Foundation for Rotta’s benefit, continued to generate significant investment income, which Rotta funneled into his domestic accounts through a company called Pevima Corporation.
As scrutiny on offshore accounts increased, Rotta moved his assets to new accounts at Swiss Bank 1, where he continued to hide his ownership through complex corporate structures involving BVI and Liechtenstein entities. Despite efforts to conceal his involvement, the IRS eventually caught wind of Rotta’s activities and initiated an audit in 2011.
In an attempt to further obscure his ownership, Rotta enlisted the help of his cousin in Brazil to serve as a nominee owner of the accounts. This cousin, a true Brazilian citizen, was used to create a new trust structure to hold the shares for the benefit of Rotta and his family. Rotta, named as the protector of the trust, maintained control over the assets while attempting to distance himself from any direct ownership.
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The IRS audit uncovered the intricate web of offshore accounts and nominee structures created by Rotta, leading to the criminal charges against him. The case highlights the lengths to which individuals will go to evade tax obligations and the challenges faced by authorities in uncovering these schemes.
While Rotta remains innocent until proven guilty, the allegations against him shed light on the ongoing battle against tax evasion in global financial centers like Zurich. As authorities continue to crack down on offshore financial misconduct, individuals engaging in such activities may find themselves facing serious legal consequences..
“tax evasion through swiss banks alleged against florida resident”.
