15 July 2008

Tax cheats outed by Liechtenstein bank clerk

"Hundreds of super-rich American tax cheats have, in effect, turned themselves in to the IRS after a bank computer technician in the tiny European country of Liechtenstein came forward with the names of US citizens who had set up secret accounts there, according to Washington lawyers investigating the scheme.

The bank clerk, Heinrich Kieber, has been branded a thief by the government of Liechtenstein for violating the country's bank secrecy laws.

He is now in hiding but scheduled to testify to the Senate's Permanent Subcommittee on Investigations Thursday via a video statement from a secret location, according to Congressional investigators...

The Liechtenstein bank, LGT, is owned by the tiny country's ruling family led by Prince Hans-Adam II.

Kieber's Washington lawyer, Jack Blum, says Kieber should be considered a whistleblower and a hero, not a thief, for revealing how the super rich hid billions of dollars using the Liechtenstein bank.

The names of the US citizens are now in the hands of the IRS and Senate investigators.

Washington lawyers say a number of prominent citizens have been subpoenaed to testify but have already indicated they will refuse to testify, asserting their Fifth Amendment right against self-incrimination..."

More info and link to full story at ABCNews.

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