American Tax Officer-Chapter 542 - 275: Then Seal All Branches Nationwide_2

Chapter 542: Chapter 275: Then Seal All Branches Nationwide_2

Falling into this guy’s hands involved more than just those criminals, even giants like Disney and Sackler had taken a fall; he dared not be too complacent.

“Yes, Mr. Jace.”

…

In a meeting room of the Swiss National Bank’s Los Angeles Branch.

At this moment, the Deputy Director, the Finance Department, Risk Department, and managers from various departments had all arrived at the scene.

And Director David along with a few others were also brought here.

However, no one spoke at the moment because one person had yet to arrive: the President of the bank.

About five minutes later, the door was finally opened, and a slightly overweight Mediterranean man walked in, sheepishly saying, “I’m sorry for being late, Director David. I just got off the phone with the higher-ups at headquarters, who instructed me to fully cooperate with your enforcement, which is why I’m a bit late.”

He was Ochoa Ito, the President of the Swiss Bank’s Los Angeles Branch!

[Name: Ochoa Ito.]

[Occupation: President of the Swiss Bank’s Los Angeles Branch.]

[Income: Legitimate income Twenty-nine Thousands US dollars, illegal income Six Hundred Thousand US dollars.]

[Income Details: On January 14th, improper lending to Weber Company, profit of One Hundred Thousand US dollars, on January 29th, improper lending to a relative, profit of Fifty Thousands US dollars, February 13th…]

[More Details:…]

[Tax Owed: Two Hundred and Thirty-Seven Thousand and Six Hundred US dollars.]

Director David had said he would gather these executives to have a close look, but he didn’t expect to already find some gains with this president named Ochoa!

But it had to be said, the man was truly composed.

Even though he was well aware that tax investigations were Director David’s expertise and that Director David was about to come knocking on his door, he still dared to present himself.

Such audacity!

Of course, just having dirt on this president wasn’t enough.

After all, these were the autonomous actions of the president, and not the intention of the Swiss Bank headquarters.

Even if there was an exposé, the Swiss Bank’s executives could just pin all the responsibility on this president, at most bearing some joint responsibility.

It seemed that finding leverage that could hurt the Swiss Bank Group’s headquarters was necessary.

With this in mind, Director David’s gaze started sweeping over the others in the room, examining each one closely.

[Name: Nick Conrad.]

[Occupation: Deputy Director of the Swiss Bank’s Los Angeles Branch.]

[Income: Legitimate Twenty Thousand US dollars, monthly illegal income Two Hundred Thousand US dollars.]

[Income Details: Profit derived from improper lending…]

[More Details:…]

[…]

…

[Name: Gladstone Angus.]

[Occupation: Risk Department Manager of the Swiss Bank’s Los Angeles Branch.]

[Monthly Income: Eighteen Thousands US dollars.]

[Income Situation…]

[…]

…

[Name: Cook Adonis.]

[Occupation: Client Manager of the Swiss Bank’s Los Angeles Branch.]

[Monthly Income: Fifteen Thousands US dollars.]

[Income Details:…]

[…]

About ten minutes later, Director David had scrutinized many of the executives present, and aside from finding multiple management personnel guilty of corruption and bribery, he had uncovered some important information.

Over the years, the Swiss Bank had introduced two products in America called CUUI and CUUO.

CUUI, this product’s primary mode of operation, is profiting from the differences between domestic and foreign investors.

Foreign investors face heavier dividend taxation, but they can sell their stocks temporarily to related banks, evading regulation and reacquiring them afterward, the saved amount is then shared among all parties.

As for the CUUO product,

it involves selling and rebuying stock on the same day dividends are distributed.

Because the transaction is short-lived, tax authorities cannot identify who exactly holds the stock ownership, allowing both the buyer and seller to claim a capital gains tax refund.

At first glance, both products appear to use legitimate methods of tax avoidance to profit their clients.

Since tax bureaus cannot definitively identify foreign investors and the parties with stock ownership, they subsequently do not constitute tax evasion.

But if it could be confirmed,

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then the substantial profits the Swiss Bank made by attracting customer deposits through these two products and the customers using the bank’s products to gain benefits and avoid tax liabilities, under the current Black Tax Law’s profit regulations, could be defined as tax evasion…

This was worth a shot!

“Director David?”

Seeing as Director David had summoned them but stayed silent for quite some time, Ochoa was beginning to grow impatient.

Upon being prompted, Director David snapped back to reality and gestured for Bucky, who was behind him, to lean in, which Bucky did astutely.

“Do this, go check out the Swiss Bank branches in other cities concerning…”

Director David quietly mentioned the details about the CUUI and CUUO, the two major bank products.

He wanted to see if these two products were only implemented by the Swiss Bank’s Los Angeles Branch or if Swiss Bank branches nationwide were implementing them.

If it was a nationwide implementation…

Then he would have ample room to maneuver!

“President Ochoa, thank you very much for taking the time to cooperate with the investigation…”

While Bucky left to conduct his investigation, Director David began shooting the breeze with the bank’s high-ranking officials.

But this gradually made the bank officials present wonder.

So you, Director David, have swaggered in here just to chat with us?

But they didn’t remain puzzled for long.

When Bucky returned after twenty minutes, the situation took a sudden turn!

“Director, I’ve checked, and indeed, these two major products were set by the Swiss Bank Group’s headquarters. All their branches within our borders are using them to attract clients to make deposits!”