The US authorities reported about the largest ever criminal tax case.
Telecom entrepreneur pleaded guilty to tax evasion and fraud. Walter Anderson was indicted in 2005 for evading USD 200 million in local and federal taxes. To hide income from tax collectors, Anderson purpotedly used offshore bank accounts and corporations.
The entrepreneur confessed to hiding hundreds of millions in income from Washington, D.C., and IRS tax collectors in 1998-1999. Now, Walter Anderson faces up to a 10-year imprisonment.
When in 1992 his 1st company Mid-Atlantic Telecom merged with another company, he incorporated companies in the British Virgin Islands to hide the income.
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Offshore bank account: any bank account opened outside of one’s native country can be considered an offshore bank account.