Guilty Plea in Israeli Bank Case Seen as Signal of Expanding U.S. Probes

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A California man's recent guilty plea in a case involving conspiring with people at Israeli banks to hide money is yet another signal that the U.S. government is expanding its crackdown on those who hide assets overseas and the foreign banks who help them, practitioners tell BNA in a series of interviews. The case “opens a new front” on those efforts, Scott Michel, president of Caplin & Drysdale, says. “There will be more indictments, there will be more pleas, and there probably will be a lot of people coming into the [IRS] voluntary disclosure program.” More