The Justice Department just recently announced its latest catch: Peter Amrein, a Swiss citizen and former asset manager at a Swiss asset management firm. Mr. Amrein pleaded guilty to one count of conspiracy to defraud the IRS, to evade federal income taxes, and to file false federal income tax returns. By way of his allocution during the plea hearing, Mr. Amrein acknowledged entering into an agreement with U.S. taxpayer-clients and others to help U.S. taxpayers hide millions of dollars in offshore accounts from the Internal Revenue Service (IRS), and to evade U.S. taxes on the income earned in those accounts.

The allegations in the superseding Information and the prior indictment lay out the sordid details. Mr. Amrein started out as a client advisor at a Swiss bank (Swiss Bank No. 3), later working his way up to an asset manager at a Swiss asset management firm (the Read More