Banker Pleaded Guilty to Violating the Foreign Account Tax Compliance Act (FATCA)

The Department of Justice (DOJ) announced that banker Adrian Baron of Loyal Bank Ltd. pleaded guilty to “conspiring to defraud the United States by failing to comply with the Foreign Account Tax Compliance Act (FATCA).  According to court documents, Mr. Baron conspired with an undercover agent to conceal the undercover agent’s ownership of accounts opened at Loyal Bank.  In addition, the documents assert that Mr. Baron never collected FATCA information and told the undercover agent that there would be no questions asked unless “the paperwork indicated ‘obvious’ U.S. involvement.”