America's Most-Wanted Bankers Aren't Hard to Find in Switzerland

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April 16 — With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland's largest private banks, are an unlikely place to find an alleged fugitive from American justice. And yet it's here that I meet Fabio Frazzetto. Almost four years ago a federal grand jury in Manhattan indicted Frazzetto, a longtime client adviser for the bank, charging him with conspiring to help dozens of wealthy Americans conceal hundreds of millions of dollars from the Internal Revenue Service by using undeclared accounts, code names and foreign relatives.

When I pay an unannounced visit to Julius Baer in February, it takes only a few minutes before Frazzetto comes out and greets me, wearing a well-tailored pinstripe suit. He is polite but declines to speak at length. His legal status is “certainly uncomfortable,” he says, and he can't leave Switzerland without risking arrest. His office has become something of a gilded cage. “I have a very pleasant employer,” he vaguely explains. “That's what I always say.” (Julius Baer declined to comment on Frazzetto's indictment.)