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As an Insider (Whistleblower) I am able to disclose certain statements of affairs of Bank Julius Baer.

The main intention of this letter is to disclose methods used and still being used by Bank Julius Baer to
avoid or decrease tax payments.
I have been the Chief Operational Officer (COO) of Bank Julius Baer & Trust Ltd, Cayman. I have
been asked to transact unethical and immoral business for the bank. I have cooperated firstly out of
naivite and then for an annual salary of CHF 220,000.
Fact is, that tax fraud evasion as well as massive aiding hereunto are part of the repertoire of this
Cayman Bank owned by the Swiss. It succeeds to:
* unjustifiably minimize taxes via Julius Baer and Trust Co Ltd, Cayman Islands and the Julius Baer
Holding AG, Zuerich.
* unethically and immorally deprive the Swiss people of tax funds.
* evade banking regulations.
This report intends to protect my family, as the public needs to know that I want to contribute to:
* the Swiss people understanding the operations of Bank Julius Baer,
* bringing tax evaders and defrauders to light in that their methods will be revealed, stopped and no
longer be treated as a peccadillo.
* a reconsideration of the interpretation of tax evasion, fraud and the planning of this, and maybe
qualify it as ex-officio matter for the future,
* tax evasion and fraud being treated as a preliminary stage for money-laundering, as this is the case in
the US and Germany,
* more money flowing to the Swiss and other state's tax entities for them to achieve their tasks.
* the Swiss banking comission reconsidering and tightening their regulations and practices,
* the Swiss financial world by my account becoming more honest, ethical and moral,
* Offshore investors becoming more aware of the risks they are running into, as seen with Swisspartner
and other vehilces,
* my wife and child not longer having to fear stalking by Bank Julius Baer and threats from third
persons.
What is this about
Bank Julius Baer is systematically moving taxable funds to the offshore-island Cayman Islands (as well
as Luxemburg or the tax-haven Guernsey), to minimize or reduce to zero their tax burden and that of
their customers. I call such entities "bellevue-griten (little whores)". I sometimes felt like the guard of
those "ladies" who essentially are being abused. The story is about the following limited liability
companies of the Julius Baer Holding AG, which offer their services as offshore-entities of Julius Baer
Holding AG in the Caymans Islands:
* Julius Baer Bank and Trust Co. Ltd, Cayman Islands (the bank)
* Julius Baer Trust Co Ltd, Cayman Islands (the administrative company)
* URSA Ltd., Cayman Islands (the insurance company)
* Baer Select Management Ltd, Cayman Islands (the investment manager)
* CreInvest Ltd, Cayman Islands (the hedge fund)
* shaPE Ltd, Cayman Islands (the private equity company)
The common goal of these companies is to:
* establish transactions only possible because of the lack of financial regulation and jurisdiction on the
Caymans, as compared with well-regulated countries,
* reduce the taxable revenues of the Julius Baer groups in Switzerland and other countries for itself and
its customers,
* offer vehicles to Swiss and foreign customers for tax evasion or even tax fraud,
* offer the ability to Swiss and foreign trustees to found companies on the Caymans (as well as
Guernsey and Luxemburg) in order to profit from this situation,
* protect investors,
* and naturally reduce taxes for the Julius Baer group.
Only the mother company Julius Baer Bank and Trust Co Ltd, Cayman Islands (the bank) is owned
directly by Julius Baer Holding AG, Zurich. All other companies are owned by Julius Baer Bank and
Trust Ltd, (directly or indirectly) and therefore only Julius Baer Bank and Trust Co Ltd., Cayman
Islands (the bank) appears to the outside. This is effective, as all other companies stay hidden. Neither
the Eidgenoessische Banken Kommision (Swiss federal banking comission) nor the tax administration
are ever shown the balances or profit calculations of these companies due to the Confidentiality Law on
the Caymans (similar to the Swiss banking law), under which there is no right for examination.
The estimated quantum of the tax reduction can be determined from the calculations at the end of this
document. This is not about an exact figure of the loss of tax revenue in Switzerland but an order of
magnitude and especially the methodology of offshore entities. The numbers presented represent the
beginning of this decade and are very likely much higher today in light of the growth of the group.
Julius Baer Bank and Trust Co. Ltd, Cayman Islands
Sole shareholder of Julius Baer Bank and Trust Co. Ltd, Caymans Islands (the bank) is the Julius Baer
Holding AG, Zurich. This banked finances itself from Switzerland via Callmoney (up to CHF
1,600,000,000.00 during my time) of clients. Itinvests this money into the corporate bond portfolio,
which is actively managed from Switzerland via the Asset & Liability Management (the decision
maker) in Zurich. All investment decisions are make in Zurich, financing of bond purchases (including
assignment of customer call money) is made and controlled in Zurich, Buy and Sell decisions are made
in Zurich and the risk management is de facto exercised in Zurich.
Nevertheless it is feigned that the management had made decisions on the Caymans. I had to allot
orders via Lotus Notes e-Mail (an internal communication system), even though the orders had long
been placed.
The climax was that the bank kept these transactions in management protocols of Julius Baer and Trust
Co. Ltd, Cayman Islands, formulating them to appear as if the decision making for buying and selling
had taken place in the Caymans. This added up with my e-Mail order to originating the decision to the
Caymans. These weekly management protocols had to be sent to Zurich to the general administration.
The further proceedings with those protocols are not known to me.
The bond portfolio not only holds long-term investments (obligations of ''International Financial
Reporting Standards (IRFS)'' category ''Hold to Maturity''), but also is a trading book (for instance
''Liquibaer'', a Julius Baer fund or also the legendary ''Long Term Capital Fund'' (see attachment LINK).
The frequent acquisitions and sales of ''Liquibaer'' shares were not to be booked. Only at the end of the
month was the stock reconciled. Naturally no fees were calculated on these acquisitions and sales
(foreign transactions) even though all transactions were made via an account in Zurich with Bank Julius
Baer (account number 726.5062). The acquisitions and sales generally pertained to accounts in Zurich.
Account- and bond-administration is thus also done in Zurich.
Violation of tax laws
Swiss banking law clearly states that when administrative tasks are being accomplished in Switzerland
and an organization's only purpose is to circumvent tax regulations, the organization is to be treated as a
Swiss entity under Swiss tax laws. To avoid such treatment, the business activity of the organization
has to be independent, and either investment decisions or strategic investment planning has to be
performed by the foreign organization.
Foreign organizations are only not subject to Swiss tax laws if the following criteria is met (taken from
an english text):
* An independent business activity should be performed at the foreign domicile in which either
decisions for investments are made in person or that at least strategic investment plans are developed
there in order to prepare respective decisions of other companies.
Julius Baer Bank and Trust Co. Ltd., Caymans (the bank) is not acting independently in a foreign
domicil and thus is not subject to tax exemption, as the decision takers for i.e. bond acquisitions and
sales are domiciled in Switzerland (Asset & Liabilty Management of Julius Baer AG, Zurich). The
professional know-how is non-existent in the Caymans and thus no real administration is done there. In
reality, only a shadow-accounting is in place at Julius Baer Bank and Trust Co. Ltd., Cayman; the bond
portfolio and the financing of the portfolio are held in Zurich.
The profits of Julius Baer Bank and Trust Co. Ltd., Cayman Islands (the bank) and its daughter
organizations, roughly CHF 10-30,000,000 per year and probably much more today, flow back as a
dividend to Julius Baer Holding, Zurich. The holding allowance is applied and the Cayman's interest
yield is not taxed.
* The foreign domicile should be furnished with infrastructure.
* The offshore-company must hire own staff, which in act is working at the foreign domicile and
possesses the required professional qualifications so that thereby the management of the offshore-
company on site is ensured. Not sufficient is this respect is the engagement of loan staff by the offshore-
company.
* The offshore-company has to obtain all necessary approvals and licenses with regard to the local
legislation for its business.
* The sole purpose of the vehicle/construction should not be to minimise tax exposure in the home
country.
If only one of the above-mentioned criteria cannot be proved, then the offshore company is qualified as
a passive investment entity. This classification leads to extensive tax consequences (i.e. direct federal
taxes, state- and local taxes, withholding taxes) in Switzerland.
Violation of matching maturities
Bank Julius Baer and Trust Co. Ltd., Cayman Islands (the bank) is financing a long-term bond portfolio
(obligations with bonds of IFRS category "Hold to Maturity) as well as a speculative trading-book with
customer- and bank-owned call-money (callable in 2-3 days). In Switzerland, holding short-term
financing such as call-money in amounts as Julius Baer Bank & Trust Co. Ltd., Caymans Islands (the
bank) is unlawful, especially under Swiss banking law, and therefore not possible to do legally. It is
ridiculous that Cayman banking-law allows for short-term financing (customer call-money up to 90%
of the balance) and long-term (obligations) and speculative (trading-book) investments of that money.
That customer call-money is being used for financing of a long-term bond portfolio is clearly in
violation of Swiss bank-law matching maturities. Naturally Bank Julius Baer argues that things need to
be regarded from the perspective of the holding, not a single organization or offshore entity. In
bankruptcy cases there is no corporate liability, which causes a higher risk on the offshore investment.
It has never been the idea of the Swiss legislator that short-term investments (call-money) should reside
with 100% controlled group organizations. The idea was to manifest a risk distribution, which means
the money was supposed to be invested with third banks and not holding-internal offshore
organizations.
That a renowned private bank is holding an offshore trading-book is certainly despicable. This is very
risky as clear banking regulations regarding risk management can be avoided. There is no professional
risk management in the Caymans.
URSA Ltd., Cayman Islands
(100% shareholder: Julius Baer Bank and Trust Co. Ltd., Cayman Islands)
URSA is a group internal insurance pseudo-company of the bank, in place to reduce tax liabilities in
Switzerland and other countries by deducting insurance premiums as business expenses of Bank Julius
Baer, Zurich and other group organizations. This concerns insurance premiums of ca. CHF 500,000 per
year (probably more today). The benefits from the bond portfolio and the gains from pseudo insurance
premiums of group organizations make up the equity capital of URSA of around CHF 25,000,000.
URSA has not paid for one group-internal insurance claim in the last 15 years, as all losses are directly
charged to the Baer organizations, which furthermore lead to local tax liability reduction. The company
has no real administrative efforts and no operative costs, as it has no employees. Decisions on the bond
portfolio are made in Zurich and London. These services are not invoiced and therefore neither London
nor Zurich generates any incomes or tax liability. Moreover no value-added tax is being applied to the
premiums, even though URSA is indirectly held by Julius Baer Holding AG, Zurich (renderer and
beneficiary of service are both in Switzerland). URSA is an instrument with the sole purpose of
minimizing and evading taxes.
Baer Select Management Ltd, Cayman Islands
(100% shareholder: Julius Baer Bank and Trust Co. Ltd., Cayman Islands)
The purpose of this organization is to act as an investment manager and employee investment advisors
to delegate investment decisions to professional managers.
This is the height of tax minimization, as the management fees, investment advisory fees and partly the
performance fees of Swiss stock-notated companies (CreInvest AG, Zug and shaPE AG,
Zug/Freienbach) are collected tax free offshore. The company holds no employees or furniture, but
manages the Investment Management Mandate of diverse Baer funds (CreInvest, shaPE, Fixed Income
Hedge Funds and newly diverse other Hedge Funds).
Baer Select Management Ltd., Caymans Islands (investment manager) has the mandate to perform
Investment Management Services via an Investment Advisor, for instance for CreInvest Ltd, Cayman,
which is held by CreInvest AG, Zug. The services are charged with CreInvest Ltd, Cayman (holding a
bond portfolio in Zurich and New York at Julius Baer companies), so tax-free profits can be generated
in the Cayman Islands. CreInvest AG, Zug, holds just enough dividend that operation costs can be
covered and only a very small profit is made in Switzerland (profit-manipulation). Naturally CreInvest
Ltd., Cayman is profiting as the offshoreentity from the acquisitions and sales with many fewer charges
and sketchy legal regulations in the Cayman Islands. While Swiss law for investment funds is rigorous,
such laws are non-existant in the Caymans.
Also shaPE, Cayman and shaPE, Freienbach (Kanton Schwyz, the Swiss tax haven) are structured in
the same manner. CreInvest AG, Zug and ShaPE AG, Freienbach are assigned to the Swiss stock
exchange, but the investment management appears to be moved to the Caymans. As a result,
Investment Management Fees and Performance Shares can be collected offshore by Baer Select
Management Ltd., Cayman. This again reduces taxable earnings due to Switzerland and other
countries.
Further funds like Julius Baer Diversifed Fixed Income Hedge Fund, Cayman, JB Black Sea Frontier
Fund 2007 and Julius Baer Equity Hedge Fund, Cayman are structured in the same way. The
Management, Performance and Investment Management fees accumulate offshore with Baer Select
Management Ltd., Cayman. It also has to be regarded that CreInvest AG, Zug, as well as shaPE AG,
Freienbach, are using Swiss infrastructure as they are listed on the Swiss stock exchange (SWX). The
profits are entirely made by Baer Select Management Ltd., Caymans Islands (please see below), These
profits flow back as a dividend to the Julius Baer Holding AG, Zurich, via Julius Baer Bank and Trust
Co Ltd, Cayman. The fact is that the Win/fee ratio (Definition: difference between charged fees for
Investment Management Mandates and paid fees to so-called Investment Advisors) that are
economically generated by Switzerland or another country accumulate offshore and are then transferred
back to Zurich to Julius Baer Holding AG. In this process the holding allowance is asserted and
therefore profits are never taxed.
The rip-off
Especially the case of shaPE is a violation of Corporate Governance. The majority of customers who
have invested in this product are customers of Bank Julius Baer. These customers gave a mandate for
asset management to the bank. The management has exploited this and indirectly forced their own
consultants to buy shaPE bonds for the customers. This amounts to CHF 130,000,000 that has forcibly
been invested to make a success of the shaPE entity in respectively generating more fees offshore. The
shaPE stock is an ''underperformer'' compared to the market. The bank profits around 1.5% from the
CHF 130,000,000 though, which equals to 2,000,000 annually. It generates untaxed profits from its
suffering customer's assets.
Calculation of fees for both organizations
CreInvest, Zug, respectively Cayman:
* fund volume: USD 340,000,000
* fees: range of 2% Investment Management / Advisory Fees, Custodian Fees for investments,
Transaction Fees, Performance Fees.
* The offshore organization Baer Select Management Ltd., Cayman, gained around the year 2000 ca.
USD 12,000,000 per year, tax-exempt.
shaPE, Zug/Freienbach, respectively Cayman:
* fund volume: CHF 130,000,000 (mainly customers with asset management mandates)
* fees: up to 2% Investment Management / Advisory Fees, Custodian Fees 0,2%, Transaction Fees
* a 10% Performance Fee is a farce, the performance is rarely, if at all achieved.
* The offshore organization Baer Select Management Ltd., Cayman, generates ca. 3,700,000 per year,
tax-exempt. [IS THIS US DOLLARS OR CHF?]
Besides CreInvest Ltd., Cayman and shaPE Ltd., Cayman, the Baer-owned Hedge Funds pay fees to
Baer Select Management. Consequently Baer Select Management is an actual ''cash cow'' that produces
tax-exempt profits offshore and moves these back to Zurich.
Julius Baer Trust and Co Ltd. Cayman Islands
The purpose of this organization is to offer the following services:
* Administration of Mutual Funds
* Administration of Trusts & Companies
Principally this organization also offers services to independent Swiss asset managers who exploit the
holes arising from the lack of knowledge of the Cayman legislation and also generate certain
Management Fees offshore that the Swiss federal tax can be deprived of.
A classic example is that of Mr. C. L. Jr., the former representative of Julius Baer, Mexico City and
former member of the advisory board of Julius Baer, Cayman. The Julius Baer corporation had to do a
moonlight flit there because of C. L. Jr.'s involvement in the Salinas story. The Swiss criminal
prosecution has been investigating C. L. Jr. since 1995 for money-laundering, drug-trafficking,
misappropriation of funds, and other criminal matters (in detail: BGE 125 IV 165). On the 15th of
November 1995 C. L. Jr.'s assets in Zurich were seized due to preliminary proceedings initiated by
Swiss authorities. He was the trusted investment advisor to members of former Mexican president Raul
Salinas family and had also been involved with the assets of Salinas' brother at Bank Julius Baer,
Zurich. It is known from reliable sources that the proceedings against him and the bank closed: the Due
Dilligence investigation in the Salinas case was ''sloppy'' and is thus not punishable. This leads to the
assumption that ''sloppy'' Due Dilligence is treated as a peccadillo in Switzerland.
The Cayman unit also offers Trust & Company services, to ascribe money back to Switzerland via
detours, i.e. in forms of grants and thereby generate tax-exempt interest from the credits offshore.
The concept of these FINTEX corporations is that money can be deposited on the account of a
customer's offshore company with Julius Baer in Zurich. This offshore company is administered by the
Julius Baer Bank and Trust Co. Ltd., Cayman. To make the money usable for the mother company, the
Cayman corporation grants a credit with a profitable interest rate. The expenses for interest are now
declared justifiable as pertaining to business expenses, and again Swiss tax revenuesare reduced. Julius
Baer is aiding here actively to avoid taxes. This offshore entity is also needed to make payments to third
parties that are not liked by corporate accounting. The question remains as to what return services are
offered by the receiver. In fact, this company is a ''bellevue grite''.
Julius Baer Bank & Trust Co. Ltd., Cayman has also been used for course maintenance of the CreInvest
AG, Zurich stock. CreInvest stock was purchased in large volume to keep the stock up. The company's
own stock was up 40% at certain points in time. Bank Julius Baer, Zurich would not have been allowed
to hold more than a certain amount of stocks without involving the federal tax office. Thus the major
part was transacted via Julius Baer Bank & Trust Co. Ltd., Cayman.
Calculation of Swiss tax losses due to activities of Bank Julius Baer on
the Caymans
Yearlyaverageprofitin
Mio.CHF
TaxburdenZurichand
dBSt.ca35%
Tax-reduction/- resp.
fraud per year
JuliusBrBankand
TrustCoLtd,Cayman
Islands
CHF1520Mio. CHF7Mio. CHF7Mio.
JuliusBrTrustCoLtd,
CaymanIslands
CHF3Mio. CHF1Mio. CHF1Mio.
BrSelect
ManagementLtd,
CaymanIslands
CHF89Mio. CHF3Mio. CHF3Mio.
URSALtd,Cayman
Islands
CHF0,5Mio. CHF0,2Mio. CHF0,2Mio.
Totalsperyear CHF26,532,5Mio CHF 10,2 CHF 11,2
Mio.
The CHF 26,5 - 32,500,000 provide for an estimated taxable profit of ca. CHF 38 - 45,000,000 in
Switzerland. Normally this would be applicable to Direct Federal Tax (Direkte Bundessteuer), state and
local taxes (Staats- und Gemeindesteuer) as well as withholding tax in case of payout of dividends.
These payouts would also be taxed as income if pertaining to a human person. All these tax burdens are
not there for the offshore entity.
These numbers are based on experience from 1997 to 2003 and it is therefore clear that the massive
growth of the Baer group (Asset under Management 2002 ca. CHF 170,000,000,000 and 1900
employees versus CHF 400,000,000,000 and 4100 employees in 2008) must mean these numbers are
pretty conservative and today are a multiple due to higher transaction volumes and further funds on the
Caymans.
Handling of offshore constructs by the cantonal tax office of canton Zurich
The responsible people with Julius Baer will respond to the facts presented in this report that all efforts
have in detail been coordinated with the tax authorities. The intermingling of the cantonal tax
authorities with the Zurich finance world has to be assessed critically from my perspective. It is
understandable that the canton Zurich does not want to disgruntle the big tax payer Julius Baer and
therefore grants so-called "tax rulings". But when the Zurich tax authorities have once agreed to an
offshore entity, a lot is needed before coming back to this decision. The dimension of the profit that is
generated offshore is not revealed when presenting the construct initially. This would raise questions
about the construct. The cantonal tax authority thus grants a permit without being able to know the
dimension of tax loss. Furthermore, as soon as a construct has been ackonwledge by the tax authorities
(via a written acknowledgement), it is protected by Cayman banking secrecy. The tax authorities can
then no longer ask for disclosure. The tax authorities therefore also never see balances of profit
calculations from the Cayman corporations and will never know the degree of "tax-savings". Also
interesting is that neither the Confederate Tax Administration (Eidgenoessische Steuerverwaltung), nor
the Confederate Withholding-tax authority or department for added-value taxes ever are consulted for
such "tax-ruling" negotiations, or have any right of co-determination. It is the sole realm of the cantonal
Tax Authority to pass such rulings.
Julius Baer argues that these offshore entities have been agreed upon with the tax administration and
there also would be the "Arm's Length Principle", and therefore all is lawfully sound. Nevertheless the
effect is that:
* Julius Baer pays massively reduced taxes
* Swiss small- and medium-sized businesses can not afford such entities
* the people and the state lose tax revenue
Tax authorities are not allowed to use data
Cayman-data that has lawfully come into my posession can not be used by the Confederate Tax
Administration for investigation. As the responsible person for the bank I had to take a tape copy home
with me, to make sure bank data could be reconstructed timely in case of a fire. This would also have
been the case for a hurricane, in which case I had to fly the data out of the island, which I have done a
couple of times.
My employment contract was been cancelled while I was on holidays in the hospital in Zurich for a
spinal surgery. Therefore no one has asked for this data. I therefore assert that I have lawfully obtained
the data from the Caymans, there can be no talk of theft. This has also been stated in written form by
the Zurich prosecutor. Also the Cayman jurisdiction has not accused me, but the Weltwoche (Lukas
Haessig) and "Sonntagszeitung" (Meinrad Ballmer) started a media campaign against me as a data-
thief. Ballmer went as far as to calling me a psychically suffering person. Even more aggravating is that
the Zurich judges denied the Confederate Tax Administration the right to analyze the related files,
therefore making an investigation into Baer-Cayman-customers and the bank itself impossible. This has
been confirmed by the Confederate Tax Administration (ESTV) in a letter:
"The ESVT has been denied access to records of the criminal prosecutor of the canton Zurich against
Rudolf Elmer. This has been justified with the claim that the by the prosecutor illegally obtained files
from Bank Julius Baer are still subject to Swiss banking secrets. In a "proper" criminal investigation the
prosecutor would not have been able to seize customer data from a daughter company of Bank Julius
Baer in a foreign country. As Rudolf Elmer is still subject to the banking secrecy, the ESTV can not use
any oral or written statements from you in any investigation against particular persons or organizations,
as this information would have been obtained illegally by us."
This justification is ridiculous and only an argument pushed forward to deny access to records.
In contrast, the prosecutor has granted access to even those files to the compensation fund of the banks
(Ausgleichskasse der Banken), which lead to the bank having to remargin thousands of franks of social
security payments. Obviously the rights of the Confederate Department of Finance and the Confederate
Department of Social Insurance to access the files are being judged differently by the Zurich judges.
This shows clearly that the Swiss legislation is just not sufficient in such cases. The bank can optimize
its tax evasion and the state can not call this bank to account when it learns about it. The wrongly
manifested statements in the management protocols on the Cayman's, that "account" for acquisition and
sales decisions being taken in the Cayman's 6-7 hours after the actual transaction occured, can thus not
be prosecuted. A discussion about the ethics and morality of such behaviour/decision is superfluous.
Responsibilities
The following people know about and have the responsibility for the activities of Bank Baer on the
Cayman Islands:
* Raymond Baer, VR President of Julius Baer Holding AG, former VR President of of CreInvest AG,
Zug and former Business Line Responsible for Julius Baer, Cayman
* Rudolf E. Baer, former CEO of Julius Baer Holding AG, former VR of Julius Baer Bank and Trust
Co. Ltd., Cayman
* Walter Knabenhans, former CEO Julius Baer Holding AG, Zurich, former President of the Advisory
Board Julius Baer Bank and Trust Co. Ltd., Cayman Islands
* Michael Vukotic, Bankdirector Julius Baer Bank AG, Zurich, Advisory Board Julius Baer Bank and
Trust Co. Ltd., Cayman Islands
* Martin Vogel, Advisory Board Julius Baer Bank and Trust Co. Ltd., Cayman Islands
* Fabio Oetterli, Director Baer Select Management Ltd., Caymans Islands, Director Bank Julius Baer &
Co AG, Zurich
Protection of the investor
This example shows how important it is that the investor have control over his offshore vehicle and does
not give a full management mandate to an unprofessional consultant. This pertains to the Offshore
proeduct ''Swisspartner''. An example (in english language):
A United States resident claims he lost $22 million as a result of the mis-handled restructuring of his
offshore account made necessary by Swiss banks agreeing to co-operate with the IRS.
At the center of the allegations are Bank Julius Baer and Dexia Private Bank, both of Switzerland, and
investment firms controlled by Liechtensteinische Landesbank Ltd., of Liechtenstein.
Anthony Defries, of Berryville, Virginia, alleges the value of his securities portfolio plummeted after he
was induced by his advisers to give up direct control in order to comply with U. S. tax laws.
Four months later, the portfolio had lost $22 million as his money managers failed to implement a limit
strategy or obtain insurance, as they should have, it was alleged.
In an effort to recoup his losses, Defries filed a civil complaint at the U. S. District Court for the
Eastern District of Virginia on October 29, 2003, alleging "securities and insurance fraud".
Defendants are Swiss Partners Investment Network Ltd., of Liechtenstein; Swiss Partners Insurance
Company SPC Ltd., of Switzerland; Liechtensteinische Landesbank Ltd., of Liechtenstein; Karp &
Genauer PA, of Florida; Bank Julius Baer & Company Ltd., of Switzerland; Dexia PrivatBank, of
Switzerland; Rainer H. Moses, a Swiss national; Martin P. Egli, a Swiss national residing in Monaco;
Simon Newson, a Swiss national; Benno K. Raeber, a Swiss national; Anthony B. Stelling, a British
national residing in the Cayman Islands; Elfried Hasler, residing in Switzerland; Norman Oehri,
residing in Switzerland; Joel J. Karp, residing in Florida; Raymond J. Baer, residing in Switzerland;
Armin Weber, a Swiss national; Marcel Wieduwilt, a Swiss national; Sigrid Baur, residing in
Switzerland; and Alfons Widmer, residing in Switzerland.
Defries indicated his lawsuit may turn into a class action on behalf of "any policyholder who
participated in or purchased insurance products from Swiss Partners Insurance Company SPC during
the relevant period".
"The Defendants have been requested to provide details of the holders of optional variable annuities so
that those holders might be asked if they wished to pursue such a class action, but the Defendants have
failed and refused to provide any such information," he alleged.
Defries claims that, from 1997 to 2001, the defendants "dealt in unregistered securities in violation of
the Securities Act 1933 and sought to pass off those securities as unlicensed insurance products".
"Defendants further engaged in a conspiracy with each other to set up, market, disseminate and sell
unregistered securities and unlicensed insurance products and so-called purported deferred variable
annuity insurance policies in the USA and in Switzerland and carried out a course of conduct involving
such fraud, conspiracy, reckless behavior and attendant actions, occurred in the period between 1997
and 2001."
Defries claims that his own problems began in April, 2000 when Rainer Moser, of SPIN/SPC, advised
him of "a new IRS ruling under which all US equity holders who were US residents would be required
to pay full withholding tax and penalties".
"Moser said that the Swiss banking community had agreed to cooperate with the IRS and disclose the
US resident owners of all Swiss accounts.
"The deadline for such disclosures and penalties was December 2000. SPIN advised Defries that
reconstruction of the portfolio and the necessary insurance protection in the form of a Deferred
Variable Annuity would have to be implemented before that date.
"They insisted that the account management be made entirely local at SPIN, with no direction from
Defries or the US. They specifically described insurance guidelines and restrictions as requiring a
complete cutout of any US direction, management, or control."
Defries claims that he relinquished direct control of his account in July, 2000 and that, by November,
2000, his securities portfolio had suffered losses of approximately $22 million.
Much of the loss was incurred in the stock of Bookham Technology PLC, whose shares are listed on the
London Stock Exchange and Nasdaq, stated Defries.
He said he made a profit of $15 million on an initial investment of $500,000 in Bookham in 1999 when
it conducted "a very successful" IPO in 2000.
"The bulk of this profit was subsequently lost by failure of SPIN to take required and requested action
to protect the stock," he alleged, as Bookham's share price fell from $40 to $12.
SPIN failed to act on Defries' request to "establish a limit strategy for Bookham to protect the entire
position at $35 to $40".
This is only one example of many incidents within Julius Baer Group. It can be acknowledged here that
Julius Baer warned the customer.
The second whistleblower letter will be dedicated to the topic of "tax-ruling" of the Zurich tax
department and the role of a well-known law firm in the Bahnhofstrasse, Zurich in this.
The third whistleblower letter will deal with the topic of "practices" pertaining to single formerly
existant cases to demonstrate in what ways external asset managers use offshore vehicles.
Rudolf Elmer, February 2008
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With referen
ul salinas gortari
to the list f questions duly appended to the casetile, [Salinas] r
TO QUEST' N 1: Yes, d I wish to give a brief explanation, lUlless a more
will be perm ed upon co elusion of the questioning, but first -- since the list (
with the Swi authorities - r want to express the follmving to the Swiss gover
institutions the Swiss eople: Switzerland is a country that my fami] y and.
and I -- have n0W11, love and respected for many years.
My wife we t to school in Switzerland when she was a girl, I have taken part i:
competitions i Lucerne, y nephews -- my brother's SOilS -- studied in S"citze
are currently' school the e. All of this explains the great confidence with whi
accounts in 'tzerland, b ing cognizant of its standards and i'ules, and the tm:
country's ins' ntional ba ing system, Secondly, I want to express my apologi
government d to the co try's fmancial institutions, especially Banque Pictel
house which ened its do rs to me in good faith, and I'm going to explain wh:
myself under different id ntity.
To begin wi ,r beg the.s -iss authorities to understand that we are not before
furthermore, subject t a trial in which I have been falsely accnsed of hoer
statements ar imited by t e imperatives of the fact that I am defending mysel
Furthermore, I am that the Mexican authorities have charged me with
drug tvafficki . This is wI}y r ask the Swiss authorities to understand that r am
absolutely ful, bnt thaI [illegible] to know the action of the Mexican autho
myself. Fourt in regard t the fLrst and subsequent questions asked me, I wisl
solely respon . Ie for tlles accounts and I absolve my brother-in-law Antonio
Zertuche and y "vife Paul a Castanon de Salinas of any responsibility. Nel\i.
apologies for y mistakes, but I have never taken part in any criminal activity
drug trafficki
TO QtTESTI N 2: In da que Pictet, Geneva, and in Julius Bacr Bank and Ci
was also an a ount in Jo Geneva bank which was closed last year. Pleast
to my present s'tuation, the e are facts that r can't remember precisely, but to tl
http://www.pbs.orWwgbhlpages/froine/shows/exico/news/raulswiss.html ,11OS/2007
murder money & news: raul Jalinas' answers
P".20f9 If
-------
.-
.?L{ Ctl/t.
CuilerIM6
CCM-hb-rTq
{' 0 Vv1.-C-- 2-
the part casefile tOfhiCh I have bad access, I can frankly confirm everyl
responsible r. I think th se are the banks that I can recall at the moment. Lct
there is a 10 -time acco t in another Swiss banJe also located in Geneva. but
remember til name of the bank, which I think I visit:ed only once. and the accc
submitted fro tbe US.
TO QUES N3: At Pictet, in the name of Juan Guillermo Gutierre:
Geneva b bose nam I can't remember precisely at the moment, there was
name ofJuan Jose Gonza ez Cadena. In another Geneva bank whose name I al.
believe the ount is wIder the name Dozart. Thcre is an account in the name
Gortari and a other in the name of a company, Noborona (J can't stare it's com
have the dents available, but the account paperwork was submitted from
Baer Bank . urich. I'mfot familiar with Julius Baer Bank; and 1can't tell yo
there are or der whose in Zurich, because the accounts were opened b
York and 1 gh a Swiss! company called Confidas. Now I want to explain th,
strategy. To gin I Fategorically deny the slightest connection with drug
categorically eny that these funds could have the slightest connectioD with th,
the illegal de ing in drugs. Any statement by any authority in any country pur;
relationship b tween and drug trafficking [illegible] because it is a
presumption
r
never had e sligbtest connection with drug trailicking or any (
also an absur presnmptio . My brother, former President Salinas, fought orga
with 10tal fir' ness. This ]:1rison is one sign of that fight and -- in contradiction
conStitutionj hich they Jre violating by holding me here on trial toget:her witl
the heads of e major drU! trafficking rings that were fought by President Sali
here: Miguel ngeJ Felix allardo, Rafael Caro Quintero, Emesto Fonseca; Jo
Guzman wa ere; Humb rto Garcia Abrego was or is here, along with dozens
President Sa1i as fought d ggealy, all of wlllch --1 repeat -- makes the idea
me might be, nnected wi,th drug trafficking an absurdity. Let me add that two
was arrested was in the urs, a country that I bave visited dozens of times duri:
and I was ney r detained or questioned by US autltorities when I entered the cc
contrary, I always w$ly received, because 1don't bave any [2+ lines
from any act ity related tt my work as a government official, it's not dirty mo
gained. 1 \\'0 d in t:he gorernrnent in 1989 in a goverrnnent corporation caller
J990-91 in ill Secretariat ror Planning and Budget, under the secretaryship of
My direct su rior was Carlos Rojas, the current Secretary. There was never at
corruption or use of power in tbe institutions where I worked as a govemmeJ
an explanatio for this mOfey: after deciding to organize an association of inve
to construct ious mechanisms for putting together a fund that could be repa!
the end of my rother's ad$inistration -- for various investment projects and w
obtain a great volume ofcredits, because I was and am convinced that the eo
growth of Me ico will req\lrre exiensive foreign financing. The mechanisms [l
different ties is explained precisely because I was trying to protect my till
only later, w I -- together wit:h an investor friend- obtained access to the S)
Citibank, thr gh Confidas, that I could use my real name. The goal was to bri
businessman 'ends to put together an offshore fund for reasons of safety and
entanglement, 'th the political vic.issitudes of President Salinas' term. As I dor
knowledge e steps the Mexican authorities are p.lanning to take, I'm not gc
names of the sinessmen who invested in one form or another, since some i11\
loans and oth s in the of advances on individual 1fT were in SIll
I'd happily fu ish full de Is. but I can't provide information when [ find mys<
I don't have files [il1egi Ie] otller people, but rdeclare to the Swiss authorit
[illegible] an e are gOln r to present this explanation clearly. I certainly errec
by having he ign. but she holds no responsibility for. and has no exact knowl
participants projects. Itreality. my wife, Paulma Castanon, [illegiblel was
and faithful s use. She ca probably think of some natnes of friends who paJ1
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frontline: murder money & mexic : news: raul alinas' answers
Page 3 of9
and logical, s nce we got ogether socially with these businessmen friends. [ do
brother-i.n-l , Antonio astanon, has the vaguest idea about this strategy, sine
with me an simply fee affection and !"Tatitude toward him for having stuck;
brotherly 10 ty during t ese telTible ten months, dropping his work and his al
himself to P lina's supp rt.

st Pictet account was opened by Ms Margarita Nav


the name f Juan Guillermo Gome e . At Citibank. -- i
e entire st ategy was devised b Ms Amy Eliot, ho was acqll
ke transfer . Ms Eliot's correspon ent in urlC was a woman n
works for bank.; suhsequently it was a woman of Spanish or:
cause she s oke Spanish very well. I opened the account under
exico, "(it some Swiss representatives of the bank; I believe I
Baer acqo nts were opened with Mr Curtis. The Dozatt
h a bank el ployee, but [ don't recal the names of either the pel
N 4C: At ictet, under the name of Juan Guillermo Gomez GU1;
Bank in Ge eva. under the name ofJuan Jose Gonzalez Cadena;
a, and at t e bank (whosc name I can't recall) which has the Do
ul Salinas.
there's an account at Julius Baer in my name: in t
et: under th name of Juan Guillermo Gomez Gutierrez; and thel
e Gonzalez Cadena, another pseudonym. t.;nder COD
der the name Novarone, I think, and there should a
nuel Gutierrez Gomez, a real person. Citibank New
hrough Co das; I don't remember how many accounts there ar
a trust, orig nally set up by my present wife's former husband an
In the dece sed first husband, whose nanle was Alfredo Diaz Or
r at the mo ent.
TO QUES ON 4: In m previolls answer, I tried to explain the origin and pr
and pointed t that som of the account applications were submitted after 198
submit the irecdy mys If and that there are even some banks whose names 1
Obviously, of this info ation is in my files, but right now I can remember
I'll deal witl em now. I the case of Banque Pictet in Geneva, I can speak of
from 1989 t une 1993, d the second from June 1993 to present. In the first
introduced t Banque Pic et by Ms Margarita Nava Sanchez, and one or two a(
remember -- ere opened "'itll her, but it was precisely within the strategy that
After June 1 3, Ms Nav 's name was removed from these accounts, and a ne\
under the n e of Juan G ullermo Gomez together with my wife Paulina. An ;
Jose Gonzal Cadena w opened at the SlUZO [Schweizer?] bank., Geneva, an
urich were opened by Confidas, and right now 1can
there were. Julius Bae Bank, I [illegible] the account numbers or other refe
present acco ts, or the 0 her Dozart account. I seem to remember that another
when Ms M arita Nava ceased to participate and the funds were transferred i
TOQUES
persons at Pi
under the na
an account a
under the n
called Tracc
Dozart is als
inheritance
I can remem
TOQUES
Schweizer [?
Citibank Ge
the name of
N 5: Right now, I'm not sure if it was in July (989, at Pictet, til
ccount in e nanle of Juan Jose Gonzalez Cadena was opened I
probably am d the same me; the Citibank accounts were later. and the JuliLt
from the pre i us year.
TO Q'lJ'EST NS 6 A, 7: [Answer identical to that to Question 5]
TO QUEST
opened it un
specifically -
investors to I
who no long
antecedents,
Julius Baer i
all ofthe Juli
Angeles thro
;:::::=--
Julius Baer Mexico,
Curits = Curtis
Lowell Jun. who is
also a board
member of Julius
Baer Cayman.
Clients?
TO QUES I N11: Th reason is that on the one hand, in exchange for my c
N 12: As recaH, only the Juan Jose Gonzalez Cadena accmmt
avelers' ch ks, all the rest were interbank transfers.
N 14: I thin that I've answered in my previous replies. but I wa
the sJightes connection with the crime of fmancing tl1e drug tra!
y comes fr m lawful sources and it's not possible to believe Iba
'er six ye ago, no one would have believed back then that 111e:
g ifin fact ey were so connected [sic]. The money is lawful in
!raffickin
N 17: I do 't recall the number of the account, but remembcrin:
ts manag d ilirough officers of Citibank and Confidas (and so
nts that we opened by bank: officers, I didn't open them direct:
ve all the fi es I couldn't even tell you today what names tile off
trust, and I'd have to see the documents in order to [
ecaU.
uld obtain esources that could cause me tax problems; in fact. a
r me, for m consulting and promotional work, but basicaIly... be
ere opened under different names rwasn't familiar with the syst,
e, so fictiti us names were used in order not to create a political
wn about itibank's Confidas system I wouldn't have resorted t(
tat Pictet imply because of that bank's efficiency. But I can ad
. lherited, th t account already existed, and I opened the account
that actual! I kept only one fictitious name, at Pictet. I've aIread
ellent insti tion, very efficient, so I decided not to close that ac
the Juan Jo e Gonzalez Cadena accowlt and tr.msfcrrcd the mon
name.
ON 10: Th total amount is on the order of$1 00 million, withom
, in accord ce with the strategy that I outlined previously, I cam
ficiary of 11 is total, but I repeat that, at the appropriate time. I wi
thorities. r am asking the Swiss Prosecuting Attorney [Carla del
y family aIJ,r my defense team so that they can speak with you p:
ld that, since I don't know what indictment they might level at:
ince in real ty I'm the manager of a strategy and not the owner o'
ON 9: I am the person empowered. TOQUES
TO Q1JES
[illegible] a
owner or b
to the Swiss
members of
you to undel
other people
promotion I
resources is
the accounts
proposed to
previously
kept the acc
tfDozart" "va
O\\'Il name, S
Pictet is an e
hand, I close
under my 0
TO QUESTI
by depositinr
TO QUEST
TOQUESTI
I've never ha
false; the !nO
date back to
drug traffick
to do with dJ
TO QUEST
Sanchez, Mr
Guillermo G
TO QUEST
belong to acc
tl1ese are acc
since I don't
the accounts.
frontline: murder money & mexic : news: raul lalinas' answers
TO QUESTI
bank officers
TO QUESTI
N 17A: It i [was?] in Citibank, and my wife, Paulina Castanor
'ho openf nd managed it should have [had?] access.
N 17B: I r lied to that in previous answers.
htm!
,1 ro,!?Orn
frontline: murder money & mexic : news: raullalinas' answers
TO Q'UES ON 17C: I on't remember.
pageSOf91
TO QUES ON 170: at has already been answered.
TOQUES ON 17E: I on't recall at the moment, I neither confirm nor deny
TOQUES
Citibank Z
ON 18: I d n't recall the munber, but in fact it's the name that wa
h.
't specifY the amount. but it should be around $45
Iieve I've already answered that question.
N 18A: I
N 20A: B cause there was no reason to have two accounts, and
ue Pictet.
N 19B: L t me point out that, as I said before, Ms Margarita N,
une 1993, d if she has some other, later accounts not signed b:
ez, they co d be accounts independent of the ones that I was av
----11->
TOQUES
TOQUES
TOQUES
participate i
Gomez Guti
TO QUEST
stay with Ba
TO QUEST N 18B: Th t has been answered previously, it's completely verif
took place ugh Citib New York.
TO QUEST my impression that I didn't make the transfer direct)
that Ms Mar ita Nava S lchez is the one who communicated with the Pictet
no specific r son that I c n recall, I simply seem to remember that having two
useless work r the bank nd for my supervision, so it was decided to keep jm
remember th arguments ro and con. I suppose they were opened under the sa
same funds t were in other two accounts. I seems to me that it was a pur,
decision, sin it involved the same people and tbe same money. I don't recall i
February 19 , or if it w Ms Margarita Nava. I don't even remember if it W!ll
when I took t ps to exclu eMs Margarita Nava from the accounts, because it
removed Ms ava's name am the accounts, so maybe the reason for changin!
order to leav s Nava 0 .
TOQUEST\
It's my impre
think I'm tell'
N 21: Alth ugh [ can't confirm it, I believe that I don't have tw,
ion that Ms Margarita Nava opened an independent account. bu
the truth.
TO QUEST N 22A: TIl re are only tv;o possibilities, I would have to look (
An alternativ ould be t it was a transfer by the investors: that scems the n
alternative is at the New ork office run by Ms Amy Eliot was managing SOl
ac.cordance her opt' . tion strategy, but It was the same money from the
[illegibleJa sfer in add tion to what existed as of that date, that could be th,
[explanationJ t it's one f the loans by the investors, but on tbe basis of the
allowed to se t present, i s very [illegibleJthat it was an internal movement t
funds, since $ - million Ie Zurich on 8 June 1993 on an order from the Trace
investment in oney mark t instruments, and twenty days later the same admil
recall the 1001 y. Here in . e documents is the name of an officer, Plange-Roll!
movement is ite normal the money market. there's nothing strange about t
resources on . rious nnan ial markets. That was the duty of the administrators
facilities for d ng so. . .
TO QVESTI N 23A: [ re all having ordered this transfer [00 June 30 1993] .
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frontline: murder money & mexic : news: raul alinas' answers
carry out--
was a lawfu
projected d
stated at the
recipient w
to iliank yo
can give yo
TOQUES
they bad to
TO QUEST
$15 million
that was mo
agreement b
authorities t
with drug tr'
noiliing to d
TO QUEST
and addresse
can verifY th
recipient's b
Page 6 01'9
a friend of ine (I could give you his name at a later time) for a
usiness de I. At this moment I don't wish to give the person's na
, I believe t at it fell through, but I don't want to give more detail
utset. Seein this docwnent, I can tell you that the total amount tI
actually gre ter, this wus just II portion, and there was nothing W)
or making ocuments t!lat clarify things available to me. My fam
e name of he recipient. He is a friend of mine, and the deal
elieve that I have answered that question.
e answered that in previous replies.
N 23D: F r the transfer.
at's wbat was decided by tbe participants.
N 24: Bec use no transfer could be made until the funds had b,
.ve, then th y could be transferred.
N 25: [A ocument is presented for examination by Salinas] I ,
transferr the total amount was higher, and these $5 million
d. Various hannels were used, as agreed llpon by the participan
ause the re 'pient wanted it iliis way. I believe iliat it would be v
rod out wh the recipients were and learn that they are people w
[cking. I'm ure that you can question them and find out that thel
'itlt the cri! e being investigated here.
N 26: [A ocument is presented for examination by SaliJlilSJ A,
it's the con inuation of the first $15 million transfer. If the Swis:
the $15 rni ion and iliese $3 million reached the same recipient
ness has no hing to do with the crime under investigation here.
TO QUEST N 27: On y instructions. This answer also covers Question 2i
x' that -- since t money ha nothing to do with dmg trafficking -- the aCCow1ts:
( beca se, say, my accounts had actUally been linked with (
-;: tte ved:-We-neverexpected-1hlrhrnyon""",-----j
the accounts ight be froz n for the crime of drug trafficking. What I did knO\'
Mexican au rities were ware of the existence of a fake passport in thc name
e- and that e money had to be moved, bur someone lied and II
baseless (1m affickin a cusa' . I also don't know what interests acted or t
the Swiss go mment disc ose its banking secrets; I know which interests are (
me pcliticall ,but I can't lderstand how it was possible for the Swiss goverm
banking seer wiiliout a hred of evidence, without any real foundation. If I h
Swiss gover ent or Swis banking authorities rnever would have sent my wi
has been viol ed on acco 1t of a lie.
TO QUEST
for was in th
Guillermo G
safe depOSIt
TO QUEST
described \Va
to move thos
N 278: Be ause we knew that the passpcrt that the Mexican au
safe deposi box, along with docwnents concerning Citibank, ar
lez Gutierr was known to the Mexican authorities, they had te
I
N 27C: Th ultimate pllrpose of all of this money in the [illegil
o promote llsiness and employment in Mexico. and Ms Amy I
nds. I don' know what words were actually exchanged betwet
htto://www.obs.or\!/w\!bh/na\!es/fTotine/show,", ""ico/new./m,,!.wi hlml
"\
frontline: murder money & mexic : news: raul alinas' answers
Page 7 of9
accompany and advise my wife.
on't know what exact instructions Luis del Valle had
onths, but generally speaking he was to assist my wi
s Eliot wanted to keep Citibank out of this problem C
trafficking accusation, [ don't know, or she helped I
banking secrecy and for this reason -- even after ni
tion -- we weren't worried about moving these fund:
UTe led to the decision to move the money: firstly, II
about the fake passport and, secondly, Mrs Amy Eli,
N29: I aIready explained the reason that Antonio Castanon ojJ<
is hearing. 'm enormously grateful to him, since he has put asic
and, at . critical moment, he had to count on a mechanism tt
ure to provi e continuing support for my wife, Paulina. Both Pal
nse team a d they are devoting all of their time and energy to sl
indictment for the crime of homicide. The mechanism for provi
depositin a large sum to his account (but very small in relatio
ors that I c uld identify at a later rime), [ don't know wh.ether or
e intention as to deposit a large sum to his account, about $1 II
described. 'm sure that Paulina and Antonio have made stateml
because t ~ y are people that tell the truth. I don't know why a s
ppose it w tor keeping documents. Tdon't have tile foggiest DC
ot, since I' Ie had no contact with my wife.
N 30: I'm rised that this business should appear in an inqui
s, because don't recall that it ever actually operated: it's sole F
a business reference. r think it was more a matter of vanity tha
ver attemp or accomplished anything. At the beginning, whf
an idea t t it would engage in some -- lawful - transactions,
ut any ope tions, nor do I remember when it was shut dovlIll, S
ava Sanche . When it was set up I believe that its registered off
an't recall e number -- but I can't say this for sure because thi
eference fo Margarita Nava and Juan Guillermo Gomez Gutie
t I want to int out that the Mexican authorities have attempte
1 the homic de currently under investigation and have fabricatel
ve already tated and denounced this before tbe judge, but none
ith crimes r misdemeanors, so I repeat: the crime under inve!
N 28: Lui del Valle is a tax expert who I have known for man:
contracte on various occasions as a tax advisor. Basically, h.e',
in tax matt s.
wife, but Is
information
trap, since
incarceratio
events whic
Mexican au
TOQUES I
services r h
and an expe
TO QUEST
spoken with
TO QlJ"EST
beginning 0 t
responsibilif
financially s
part of my d
have led to
security was
group of inv
transfer, but
purposes tha
doing likewi
rented, but I
were made 0
TO QUEST
Swiss authori
Margarita Na
this business
set up, there \
it ever carrie
by Margarita
Explanada --
was given as
Explanada --
or property
this regard. r
anything to d
foundation.
111OS12007
32: I hav to say that, as I understand the question, Tdo not r
N 31: It's a rokerage firm. I've had deposits in InverMexico w
liquidated ome time ago, r don't recall when. I believe that th,
on, but I w simply a customer and I don't see why this shoulc
orities' in stigation.
SUPPLEME . ARY Q STION 32: Do you hold, represent or manage ace
name, Jlictitio s names or c rporate names in countries other than Switzerland:
TO QUESTl
and which we
is still in ope
of the Swiss a
TO QUESTl
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frontline: murder money & mexic news: raul alinas' answers Page 8 of 91
accounts in her countri s, except for Mexico. ] don't know whether any of the
group ofin stors might ave foreign accounts which have nothing to do with
the strategy t at I describ d here, this banking took place in Switzerland and w
banking sec cy bankil g secrecy that has been violated due to lies, because I
any of the p pIe mentio ed have the slightest connection with the crime offir
trafficking. lis is a fals accusation, and this lie was the basis for violation of
secrecy and . r the arrest of two innocent people. r implore the Swiss authoriti,
series ofma 1 uvers carri d out to persecute me and my family. to make a fair'
absolutely i ocent invol ement of Paulina Castanon de Salinas and Antonio (
inunediatel stablish a 1 ss severe, more benevolent and fair situation for thos
There is no . e of drug trafficking; the strategy that I described will be prese
authorities en they per it me to do so, and before the Mexican authorities v
indictment i anded dow , since things have proceeded to present without a f(
trial has bee opened for he crime under investigation here. Once again, I reqt
situation, ju ce and com lete exoneration for Antonio and Paulina Castanon,
detained in investigati n of a nonexistent crime.
SUPPLEM ARY Q ESTION 33: [Line missing] manage or administer I
ANSWER:
there were 0
any others.
accounts tha
and manage
organized th
participation
SUPPLEM
accounts?
my answe to your previous question, I thought that you were a:
er accounts in addition to those already mentioned in this interro
e accounts the US and London already mentioned are part oft
xist here; t at is, they are basically part ofthe group of accounts
y Citibank That's the way Citibank New York and Citibank Zu
. They ha facilities for opening accounts anywhere and don't
do so.
TARY Q ESTfON 34: What benefits did you receive for mar
ANSWER: e benefits t at I received have to be divided into two palts, sinc'
remains to nerate busi ess with tlus money, and I was to share in the profit
closed, depel ing on the s mcture and financing of each deal. Moreover, (axes
on tllose dea when they 'ent through . here in Mexico, obviously. On the ot
I might have tax proble , but just to show the Swiss authorities my good intI
interrogation ignifican( p otits were realized in the course of time, and [ was;
did .. make s of this mo ey, which I received for the management and cons"
for each of e investors There actually were significant profits, and I made
repeat that l' informing e Swiss government of this to demonstrate the trutb
statement, ev though it ould result in a tax problem for me.
,11O'iI?007
ANSWER: to make the following frank observations. The artic
me, Article 1 bis of the deral Code of Criminal Procedur,.states that I hav
all infolmalIqr concermng l1S.lU tctal and I request a copy
be turned over 0 my lawy rs, together WIth copIes of all documents III the pos'
authorities, s e these pro eedings are being conducted WIder Mexican lawaI,
this right. So' requestin copies of all information received by the Swiss aul
this case. Of urse, I'm at 0 requesting the infonnation that led to interventior
authorities. tis, sincq it is guaranteed to me by law, J wish to know what ac
information re brought efore the Americall authorities tasked with investig
Alticle 128 s s that I hav the right to know the identity of the plaintiff, so 1b
SUPPLE TARY QU STION 35: Was the group of investors which you
this statemen egany cons ituted in any manner?
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pa
g
e90f91..
f
: news: raul alinas' answers
used me r linked me the crime of fInancing drug trafficking. I
the Mexic uthorities r presented here Iluorm me who '""as the complainant'
trafficking d who false y linked me [to this crime]. According to the rights It
the beginnirt of this beaJling, I have the right to communicate with anyone I ct
appropriate fense. Inadcordance this right. [ request that J be able to co
immediateI ith my wi , Palllina Castanon de Salinas. In conclusion, [ want
pointed out I made mis akes. but I never engage.d in criminal activity. J madl
and I accept sponsibili for them, but any contact with drug trafficking is ab
that the ace nts still exi t and that no attempt was made Lo erase them shows 1
ofconcealin the movem nts [of money] from the Swiss authorities, because tI
is lawful an e always sted Swiss banking secrecy. [ also want to add that,
learned that tonio and y wife Paulina were detained in Switzerland, becau
confidence i Swiss justi e. I bave only two more observations to make. First,
Swiss autbo i ies exerci great objectivity and care in examining any evidence
authorities ht submit th regard to drug trafficking, because I have proof!
authorities i ent and fabpcate evidence. So I request that you, Madam Prosec
the origin 0 y such iterp of evidence. I also want you to understand that
crossed a nu ber of eno ous private interests when he modernized this COunl
happening t ay -- the pe seeution and attack against me and my farnily-- is po
modernizing d transfo 'ng Mexico. I knew that this visit hy the Swiss auth,
rhe hand of d, I'm trul thankful that these events took place in Switzerland,
confidence i law d Swiss officialdom. Once again, I submit that the e
is at the disp al of the S .ss authorities, and I request that you allow my fami
enter into d' t contact a d communication with you. TI1ank you for listening
frontline: murder money & mexi
[End of text]
ho ' interviews family tree readings maps chronology mexican news Iir
tapes & transcripts press
FRONTUNE wgbh' pbs online
web site copyright 1995-2007 WG6H educational foundation
Summary
Obv'ously C L. was the Investmenl manager of Raul Salinas and help Salinas but at
th s por'lt In time he has not been prosecuted for It. There IS stili an Investigalions
gOing on which started If' 1985 for IT'oney lauf'de'ing, drug dealing and fraud urd
other charges however the Swiss prosen'tors have not been successful yel As far
as I aJTl "formed Sloppy due dilligence" IS not chargeable If Switzerland On top of It
If a investment manager has other c'ients than Salinas" It IS a strong argumer I not to
be prosecuted In Switzer and. It IS also assl.:"e C.L. made good mor ey In thiS case!
Anyway there are hardly any prosecution in SWitzerland In respect of money
laundering even though about 1/4 the of the world's rortune IS manage In Switzerland.
One wonder f something is wrong here!
httD://www.obs.orl!!wl!bh/oarresifronnel.how<! ......ir.n/np.w./r.nl.w; hhnl
11
07/21/2011 Page 1
Q
Book Book % % Book value Book Value
Nominal Nominal Value Value of of base currency CHF
Security Account Value Value 30-Sep-99 30-Sep-99 Total Total 30-Sep-99 30-Sep-99
Type Reference Type Currency Currency CHF Currency Currency CHF Debt sec Securities Net of securities lending Net of securities lending
Bonds Page 2 Investment CHF 160,490,000 160,490,000 CHF 164,615,638 164,615,638 20.9 20.6 159,505,483 159,505,483
Bonds Page 3 Investment DEM 55,000,000 44,940,280 DEM 56,554,658 46,210,585 5.9 5.8 56,554,658 46,210,585
Bonds Page 4 Investment USD 163,520,000 245,372,062 USD 162,359,500 243,630,658 30.9 30.5 131,834,841 197,826,485
Bonds Page 5 Investment EUR 41,862,335 66,900,198 EUR 44,139,361 70,539,113 9.0 8.8 33,484,574 53,511,698
0% Notes Page 8 Investment USD 136,500,000 204,826,850 USD 118,140,739 177,277,622 22.5 22.2 118,140,739 177,277,622
US Strips Page 8 Investment USD 66,500,000 99,787,440 USD 56,812,971 85,251,442 10.8 10.7 5,553,148 8,332,848
Total Debt financial securities 787,525,058 100.0 642,664,721
Shares Page 7 Investment USD USD 843,961 1,266,417 0.2 843,961 1,266,417
Shares Page 7 Investment CHF CHF 9,449,400 9,449,400 1.2 9,449,400 9,449,400
Shares Page 6 Trading USD USD 460,096 690,403 0.1 460,096 690,403
Total Other Securities 11,406,220 11,406,220
Total 798,931,278 100.1 654,070,941
Securities lending (B.V.) Book Value Market Value Difference
US Strips 76,918,594 77,569,503 650,909
5,110,155 4,940,000 -170,155
45,804,174 45,492,719 -311,455
17,027,415 15,637,409 -1,390,006
Net position 144,860,338 143,639,631 -1,220,707
Valuation date 30-Sep-99
FX Rates: DEM 0.817096
USD 1.500563
EUR 1.59810
Last month 31-Aug-99
V a l u a t i o n o f s e c u r i t i e s h e l d a s a t 30th September, 1999
Inv Bond CHF
Inv Bond USD
Inv Bond EUR
2. CHF Inv Bonds
Page 2
Valor Annual Debtor Due Date Nominal Nominal Market Market Book Custodian Value Purchase Number Est yield Current Last Accrued
Number Coupon Value Value Price Value Value Bank Date Price of Days based Yield Interest Interest
30-Sep-99 30-Sep-99 30-Sep-99 Purchase to on versus Payment Since
Due purchase Market Received Last
Date price Value by Coupon
% Currency CHF % CHF CHF % JBBT Date
CHF BOND INVESTMENT ACCOUNT
Straight Bonds
097.912 2.5000 17-Aug-00 5,000,000 5,000,000 100.250 5,012,500 4,909,425 BJB-ZRH 13/06/95 94.800 322 3.60% 2.21 17/08/99 15,278
114.420 2.7500 06-Oct-00 5,000,000 5,000,000 100.450 5,022,500 4,914,205 BJB-ZRH 16/12/93 91.850 372 4.11% 2.30 06/10/98 137,118
396.280 4.5000 Swiss Bank Corporation (Jersey) 21-Dec-00 6,000,000 6,000,000 102.550 6,153,000 6,182,890 BJB-ZRH 15/10/98 105.650 448 1.86% 2.39 21/12/98 212,250
125.866 3.5000 26-Jan-01 10,000,000 10,000,000 101.500 10,150,000 10,000,000 BJB-ZRH 26/01/97 100.550 484 3.35% 2.35 26/01/99 240,139
433.041 4.1250 ABB Intern Finance NV 29-Mar-01 10,000,000 10,000,000 102.400 10,240,000 10,190,908 BJB-ZRH 29/03/97 101.375 546 4.11% 2.49 29/03/99 211,979
113.086 2.5000 11-Oct-01 5,000,000 5,000,000 99.400 4,970,000 4,793,830 BJB-ZRH 17/12/93 88.250 742 4.25% 2.80 13/10/98 122,222
408.177 4.5000 11-Oct-01 5,000,000 5,000,000 103.550 5,177,500 5,000,000 BJB-ZRH 11/10/95 101.650 742 4.19% 2.71 13/10/98 220,000
541.737 3.0000 12-Nov-01 10,000,000 10,000,000 100.850 10,085,000 9,987,500 BJB-ZRH 20/11/96 99.700 774 3.06% 2.59 12/11/98 268,333
049.568 4.1250 US West Communications Inc 27-Nov-01 5,000,000 5,000,000 102.050 5,102,500 5,000,000 BJB-ZRH 27/11/95 100.700 789 3.99% 3.14 27/11/98 175,885
049.568 4.1250 US West Communications Inc 27-Nov-01 3,500,000 3,500,000 102.050 3,571,750 3,500,000 BJB-ZRH 27/11/95 101.600 789 3.83% 3.14 27/11/98 123,120
049.568 4.1250 US West Communications Inc 27-Nov-01 3,500,000 3,500,000 102.050 3,571,750 3,576,372 BJB-ZRH 07/04/97 104.700 789 3.04% 3.14 27/11/98 123,120
112.027 3.7500 ABN AMRO Bank NV 16-Jan-02 1,000,000 1,000,000 102.150 1,021,500 1,000,000 BJB-ZRH 16/01/96 101.000 839 3.57% 2.78 16/01/99 26,771
112.027 3.7500 ABN AMRO Bank NV 16-Jan-02 8,000,000 8,000,000 102.150 8,172,000 8,000,000 BJB-ZRH 16/01/96 101.050 839 3.56% 2.78 16/01/99 214,167
112.027 3.7500 ABN AMRO Bank NV 16-Jan-02 1,000,000 1,000,000 102.150 1,021,500 1,000,000 BJB-ZRH 16/01/96 101.320 839 3.51% 2.78 16/01/99 26,771
503.627 4.1250 03-Sep-02 1,500,000 1,500,000 103.550 1,553,250 1,502,290 BJB-ZRH 09/03/96 101.320 1069 3.90% 2.86 03/09/99 4,641
124.349 4.5000 Tokyo Gas Co 08-Nov-02 3,500,000 3,500,000 104.000 3,640,000 3,744,974 BJB-ZRH 17/06/99 106.500 1135 2.51% 3.15 08/11/98 142,625
729.185 3.2500 Citibank Credit 25-Nov-02 1,240,000 1,240,000 100.700 1,248,680 1,271,935 BJB-ZRH 14/10/98 103.400 1152 2.38% 3.02 25/11/98 34,591
976.151 2.0000 Roche Holdings 21-Mar-03 11,500,000 11,500,000 97.450 11,206,750 11,439,119 BJB-ZRH 21/12/98 99.325 1268 2.17% 2.77 21/12/98 180,806
449.269 4.2500 05-Nov-03 3,000,000 3,000,000 104.150 3,124,500 3,203,905 BJB-ZRH 14/10/98 108.450 1497 2.48% 3.17 05/11/98 116,521
182.702 2.2500 Credit Locale France 16-Mar-04 4,000,000 4,000,000 95.850 3,834,000 3,942,272 BJB-ZRH 28/10/98 98.150 1629 2.62% 3.25 16/03/99 49,500
956.346 2.7500 19-Oct-04 5,000,000 5,000,000 97.550 4,877,500 5,020,835 BJB-ZRH 12/10/98 100.500 1846 2.66% 3.27 19/10/98 132,153
029.518 5.2500 18-Feb-05 6,750,000 6,750,000 109.000 7,357,500 7,596,275 BJB-ZRH 28/10/98 114.750 1968 2.71% 3.43 18/02/99 220,500
029.518 5.2500 18-Feb-05 2,000,000 2,000,000 109.000 2,180,000 2,231,861 BJB-ZRH 11/11/98 113.650 1968 2.88% 3.43 18/02/99 65,333
344.373 5.5000 Austria 03-Mar-05 5,000,000 5,000,000 110.750 5,537,500 5,703,318 BJB-ZRH 28/10/98 116.550 1981 2.67% 3.34 03/03/99 161,181
343.477 5.3750 15-Mar-05 3,000,000 3,000,000 110.000 3,300,000 3,387,285 BJB-ZRH 16/10/98 115.200 1993 2.79% 3.37 15/03/99 89,135
354.370 5.3750 09-May-05 5,300,000 5,300,000 110.050 5,832,650 5,979,266 BJB-ZRH 14/10/98 115.100 2048 2.86% 3.41 09/05/99 113,950
397.145 5.0000 29-Sep-05 5,000,000 5,000,000 109.000 5,450,000 5,548,172 BJB-ZRH 20/10/98 112.700 2191 2.98% 3.35 29/09/98 254,167
397.145 5.0000 29-Sep-05 1,000,000 1,000,000 109.000 1,090,000 1,106,950 BJB-ZRH 11/11/98 112.400 2191 3.01% 3.35 29/09/98 50,833
969.553 2.7500 14-Dec-05 10,000,000 10,000,000 97.600 9,760,000 10,000,000 BJB-ZRH 30/10/98 100.000 2267 2.75% 3.17 30/10/98 255,903
879.063 3.0000 General Electric 29-Dec-06 2,700,000 2,700,000 97.800 2,640,600 2,704,979 BJB-ZRH 02/10/98 100.200 2647 2.97% 3.34 29/12/98 61,875
879.063 3.0000 General Electric 29-Dec-06 5,000,000 5,000,000 97.800 4,890,000 5,002,216 BJB-ZRH 21/10/98 100.050 2647 2.99% 3.34 29/12/98 114,583
897.283 3.5000 29-May-08 2,000,000 2,000,000 97.300 1,946,000 2,064,701 BJB-ZRH 04/05/99 103.350 3164 3.08% 3.86 29/05/99 24,111
947.710 3.5000 Italy 25-Sep-08 5,000,000 5,000,000 98.800 4,940,000 5,110,155 BJB-ZRH 02/10/98 102.450 3283 3.22% 3.66 25/09/98 179,861
Average Total Total Total Total Average Average Average Total
3.67 160,490,000 160,490,000 163,680,430 164,615,638 1,432 3.14% 1.30 4,369,422
CHF CHF CHF CHF Days CHF
SECURITIES LENDING Month end balance 3,879,351
947.710 3.5000 Italy 25-Sep-08 (5,000,000) (5,000,000) 98.800 (4,940,000) (5,110,155)
Total Securities Lending (4,940,000) (5,110,155)
Int earned current month 490,071
TOTALS NET OF SECURITIES LENDING 155,490,000 155,490,000 158,740,430 159,505,483 Int earned previous month 509,865
%p.a. % p.a.
Notes Commerzbk Overseas Fin
Notes Europ Mortgage Bk SA Lux
Bank voor Ned Gemeenten NV
LB Schleswig-Holstein Luxemburg
Oesterreich Kontrollbank AG
AutoBahnen- & Schnell-Strassenfinanzierungs-AG
Landwirt Rentenbank
Oesterreich Kontrollbank AG
Statoil Den Norske
Oesterreich Donaukraftwerk
Oesterreich Donaukraftwerk
Bank voor Ned Gemeenten NV
Oesterreich Postparkasse
Suedwestdt Landesbank
Suedwestdt Landesbank
Baden Wuerthenberg
Deutsche Finance
% p.a. % p.a.
3. DEM Inv Bonds
Page 3
Valor Annual Debtor Due Date Nominal Nominal Market Market Book Custodian Value Purchase Number Est yield Current Last Accrued
Number Coupon Value Value Price Value Value Bank Date Price of Days based Yield Interest Interest
30-Sep-99 30-Sep-99 30-Sep-99 Purchase to on versus Payment Since
Due purchase Market Received Last
Date price Value by Coupon
% Currency CHF % Currency Currency % JBBT Date
DEM BOND INVESTMENT ACCOUNT
Straight Bonds

417.431 4.6250 Abbey National Treasury 15-Feb-00 10,000,000 8,170,960 100.400 10,040,000 10,010,000 BJB-ZRH 19/11/96 100.800 138 4.36% 3.56 15/02/99 291,632
431.878 5.0000 Federal National Mortgage Ass 01-Feb-01 10,000,000 8,170,960 101.400 10,140,000 9,963,521 BJB-ZRH 03/05/96 98.700 490 5.31% 3.93 01/02/99 334,722
427.386 4.6250 Inter-American Development Bank 20-Feb-01 10,000,000 8,170,960 101.050 10,105,000 9,987,585 BJB-ZRH 19/11/96 99.620 509 4.72% 3.85 20/02/99 285,208
170.872 6.0000 26-Jan-04 5,000,000 4,085,480 104.250 5,212,500 5,352,141 BJB-ZRH 15/10/98 108.700 1579 4.17% 4.91 26/01/99 205,833
678.124 5.0000 DSL Finance 23-Jul-04 10,000,000 8,170,960 100.550 10,055,000 10,408,912 BJB-ZRH 15/10/98 104.950 1758 4.04% 4.87 23/07/99 95,833
560.361 5.7500 Spain 03-Jan-07 10,000,000 8,170,960 102.750 10,275,000 10,832,499 BJB-ZRH 28/10/98 109.520 2652 4.38% 5.30 03/01/99 431,250

Average Total Total Total Total Average Average Average Total
5.09 55,000,000 44,940,280 55,827,500 56,554,658 1,135 4.50% 4.38 1,644,478
DEM CHF DEM DEM Days DEM

SECURITIES LENDING Month end balance 1,411,146
0 0
Int earned current month 233,332
Int earned previous month 241,112
TOTALS NET OF SECURITIES LENDING 55,000,000 44,940,280 55,827,500 56,554,658

%p.a. % p.a.
Depfa Finance
% p.a. % p.a. % p.a.
4. USD Inv Bonds
Page 4
Valor Annual Debtor Due Date Nominal Nominal Market Market Book Custodian Value Purchase Number Est yield Current Last Accrued
Number Coupon Value Value Price Value Value Bank Date Price of Days based Yield Interest Interest
30-Sep-99 30-Sep-99 30-Sep-99 Purchase to on Coupon/ Payment Since
Due purchase market Received Last
Date price value by Coupon
% Currency CHF % Currency Currency % JBBT Date
USD BOND INVESTMENT ACCOUNT
Straight Bonds
333.422 8.1250 27-Jan-00 5,000,000 7,502,815 100.460 5,023,000 5,033,334 BJB-ZRH 29/04/96 105.330 119 6.53% 6.70% 27/01/99 277,604
369.778 6.7500 31-May-00 5,000,000 7,502,815 100.260 5,013,000 5,000,000 BJB-ZRH 17/10/95 101.770 244 6.31% 6.35% 31/05/99 114,375
372.598 6.7500 Notes American Tel & Tel Co 01-Jun-01 5,000,000 7,502,815 100.290 5,014,500 5,000,000 BJB-ZRH 19/09/95 101.950 610 6.35% 6.57% 01/06/99 113,438
712.606 4.8500 EMTN Halifax 01-Oct-01 5,000,000 7,502,815 99.600 4,980,000 5,120,000 BJB-ZRH 14/10/98 103.600 732 3.57% 5.06% 01/10/98 245,194
623.252 7.0000 30-Apr-02 5,000,000 7,502,815 101.030 5,051,500 5,192,490 BJB-ZRH 22/09/98 105.340 943 5.38% 6.57% 03/05/99 145,833
636.789 6.7500 Notes Morgan Guaranty Trust 28-May-02 15,000,000 22,508,445 100.270 15,040,500 14,956,000 BJB-ZRH 28/05/97 99.450 971 6.88% 6.64% 28/05/99 351,563
661.181 6.3750 27-Jun-02 5,000,000 7,502,815 99.940 4,997,000 5,143,730 BJB-ZRH 18/09/98 103.920 1001 5.23% 6.40% 28/06/99 83,229
661.223 6.3750 08-Jul-02 4,500,000 6,752,534 99.960 4,498,200 4,627,050 BJB-ZRH 09/10/98 103.850 1012 5.25% 6.39% 08/07/99 66,938
852.575 5.7500 26-Feb-03 5,000,000 7,502,815 97.610 4,880,500 5,133,336 BJB-ZRH 22/10/98 103.400 1245 4.89% 6.53% 26/02/99 172,500
848.754 5.6250 St-Michael Finance 18-Feb-03 8,565,000 12,852,322 96.605 8,274,218 8,753,097 BJB-ZRH 20/10/98 102.800 1237 4.91% 6.74% 18/02/99 299,775
848.754 5.6250 St-Michael Finance 18-Feb-03 1,275,000 1,913,218 96.605 1,231,714 1,288,325 BJB-ZRH 20/11/98 101.300 1237 5.28% 6.74% 18/02/99 44,625
848.754 5.6250 St-Michael Finance 18-Feb-03 580,000 870,327 96.605 560,309 572,111 BJB-ZRH 05/05/99 98.560 1237 6.05% 6.74% 18/02/99 20,300
851.498 5.7500 Bell Atlantic Financial Services Inc 01-Apr-03 5,000,000 7,502,815 100.080 5,004,000 5,000,000 BJB-ZRH 12/02/98 100.000 1279 5.75% 5.72% 01/04/99 145,347
934.713 5.6250 EMTN Nestle Holdings 05-Aug-03 10,000,000 15,005,630 96.980 9,698,000 10,278,377 BJB-ZRH 15/10/98 103.510 1405 4.81% 6.51% 05/08/99 87,500
934.713 5.6250 EMTN Nestle Holdings 05-Aug-03 3,000,000 4,501,689 96.980 2,909,400 3,057,106 BJB-ZRH 09/10/98 102.400 1405 5.07% 6.51% 05/08/99 26,250
881.547 6.7500 22-Aug-03 5,600,000 8,403,153 100.800 5,644,800 5,593,971 BJB-ZRH 23/08/99 99.890 1422 6.78% 6.52% 22/08/99 40,950
974.120 5.0000 Shell Finance UK 19-Nov-03 10,000,000 15,005,630 95.040 9,504,000 10,018,330 BJB-ZRH 19/11/98 100.220 1511 4.95% 6.36% 19/11/98 437,500
587.709 6.5000 18-Feb-04 5,000,000 7,502,815 99.510 4,975,500 5,204,230 BJB-ZRH 20/11/98 104.870 1602 5.44% 6.63% 18/02/99 202,222
375.789 6.6250 Unilever NV 20-Jun-05 5,000,000 7,502,815 99.550 4,977,500 5,058,638 BJB-ZRH 22/07/99 101.190 2090 6.39% 6.72% 20/06/99 93,854
820.475 7.0000 Freddie Mac 21-Jun-06 5,000,000 7,502,815 99.165 4,958,250 5,002,528 BJB-ZRH 21/06/99 100.050 2456 6.99% 7.15% 21/06/99 98,194
981.869 5.3750 22-Dec-08 10,000,000 15,005,630 89.330 8,933,000 9,930,952 BJB-ZRH 22/12/98 99.253 3371 5.47% 6.90% 22/12/98 421,042
990.110 5.5000 21-Jan-09 5,000,000 7,502,815 88.910 4,445,500 4,974,348 BJB-ZRH 02/02/99 99.450 3401 5.57% 7.08% 21/01/99 192,500
993.705 5.3750 29-Jan-09 5,000,000 7,502,815 89.500 4,475,000 4,976,890 BJB-ZRH 29/01/99 99.500 3409 5.44% 6.86% 29/01/99 182,153
Average Total Total Total Total Average Average Average Total
6.10 133,520,000 200,355,173 130,089,391 134,914,843 1,476 5.62% 6.54% 3,862,886
USD CHF USD USD Days
Month end balance 3,183,742
Int earned current month 679,144
Int earned previous month 686,427
US Treasury Strips
081.295 - 0% Strips United States of America 15-May-01 30,000,000 45,016,890 91.296 27,388,800 27,444,657 BJB-ZRH 10-Jul-97 79.378 593 6.10% 5.60%
30,000,000 45,016,890 27,388,800 27,444,657
USD BONDS before sec lending 163,520,000 245,372,063 157,478,191 162,359,500
SECURITIES LENDING
081.295 - 0% Strips United States of America 15-May-01 -30,000,000 -45,016,890 91.296 -27,388,800 (27,444,657) 593
852.575 5.7500 26-Feb-03 (3,000,000) (4,501,689) 97.610 (2,928,300) (3,080,002) 1245
Total Securities Lending (33,000,000) (49,518,579) 189 (30,317,100) (30,524,659)
TOTALS NET OF SECURITIES LENDING 130,520,000 195,853,484 127,161,091 131,834,841
1.5006
%p.a. % p.a.
Baden-Wutenberg L-Finance
Notes Glaxo Wellcome PLC
Notes Baden-Wuerteemberg
Notes Inter-American Dev Bank
EMTN NV BK NL Gemeenten
Landw Rentenbank
Rabobank
Credit Locale de France
Bellsouth Capital
Dexia France
Rabobank
% p.a. % p.a. % p.a.
Landw Rentenbank
Page 5
Valor Annual Debtor Due Date Nominal Nominal Market Market Book Custodian Value Purchase Number Est yield Current Last Accrued
Number Coupon Value Value Price Value Value Bank Date Price of Days based Yield Interest Interest
30-Sep-99 30-Sep-99 30-Sep-99 Purchase to on Coupon/ Payment Since
Due purchase market Received Last
Date price value by Coupon
% Currency CHF % Currency Currency % JBBT Date
EUR BOND INVESTMENT ACCOUNT
Straight Bonds
362.222 8.0000 Ireland 18-Oct-00 13,967,119 22,320,853 104.500 14,595,639 14,266,793 BJB-ZRH 05/09/97 106.300 384 5.80% 3.64% 18/10/98 1,077,020
262.428 5.2500 11-Jan-01 7,669,378 12,256,433 101.800 7,807,427 7,668,383 BJB-ZRH 01/11/96 99.950 469 5.26% 3.81% 11/01/99 293,034
279.579 7.5000 09-Sep-04 5,112,919 8,170,956 112.310 5,742,319 5,861,975 BJB-ZRH 12/10/98 117.630 1806 4.15% 4.72% 09/09/99 22,369
457.804 6.2500 26-Apr-06 5,112,919 8,170,956 107.500 5,496,388 5,687,423 BJB-ZRH 13/10/98 112.960 2400 4.26% 4.92% 26/04/99 139,363
906.077 5.2500 20-May-08 10,000,000 15,981,000 97.850 9,785,000 10,654,787 BJB-ZRH 05/01/99 107.120 3155 4.34% 5.56% 20/05/99 193,958
Average Total Total Total Total Average Average Average Total
6.56 41,862,335 66,900,198 43,426,773 44,139,361 1,643 4.76% 4.53% 1,725,744
EUR CHF EUR EUR Days
EUR BONDS before sec lending 41,862,335 ### 43,426,773 44,139,361 Month end balance 1,502,067
Int earned current month 223,677
SECURITIES LENDING
906.077 5.2500 20-May-09 (10,000,000) (15,981,000) 97.850 (9,785,000) (10,654,787) Int earned previous month 236,637
TOTALS NET OF SECURITIES LENDING 31,862,335 50,919,198 33,641,773 33,484,574
%p.a. % p.a.
Dresdner Finance BV
Treuhandanstalt
Deutschland
Deutsche Tel Int'l
%p.a. % p.a. % p.a.
Deutsche Tel Intl
6. Trad Shares
Page 6
Valor Company Number Nominal Total Market Market/Book Market/Book Custodian Value Purchase (Purchases) / Market Market
Number of Value Nominal Price Value Value Bank Date Price Sales / Price Value
Shares/ per Value 30-Sep-99 30-Sep-99 30-Sep-99 Purchase Maturities 31-Aug-99 31-Aug-99
Warrants Share per During
Share/ Currency CHF Month
Warrant CHF % Currency
TRADING ACCOUNT
US Shares in LIQUIBAER
705.760 158 N/A N/A 2,912.00 460,096 690,403 JBBT-GCM N/A N/A 2,815.68 250,596 Liquibaer
7. Invest Shares
Page 7
Valor Company Number Nominal Total Market Market Book Book Custodian Value Purchase
Number of Value Nominal Price Value Value Value Bank Date Price Value Value
Share per
Share Currency Currency CHF
Currency
INVESTMENT ACCOUNT
CHF Shares
147.009 46,140 50.00 2,307,000 50.00 2,307,000 2,307,000 2,307,000 BJB-ZRH N/A 50.00 50.00 2,307,000
442.297 30,000 200 6,000,000 280.00 8,400,000 7,142,400 7,142,400 BJB-ZRH 17.4.98 238.08 200 6,600,000
10,707,000 9,449,400 9,449,400
SECURITIES LENDING
0 0 -
TOTALS NET OF SECURITIES LENDING 8,307,000 10,707,000 9,449,400
USD Shares in Funds
579.361 Long Term Capital 17.0473 1000 17,000 232.8 3,961 3,961 5,944 BJB-ZRH
0.620.310 3,000 280 840,000 380.00 1,140,000 840,000 1,260,473 BJB-ZRH 30.04.97 280.00 280.00 840,000
1,143,961 843,961 1,266,417
Nom Nom
Baer Holding Ltd Bearer
Creinvest AG
Warrants Baer Chesapeake 1
8. USD NOTES
Page 8
Valor Annual Debtor Due Date Nominal Nominal Market Market Book Custodian Value Purchase Number Est yield Current
Number Coupon Value Value Price Value Value Bank Date Price of Days based Yield
9/30 30-Sep-99 30-Sep-99 Purchase to on versus
Due purchase Market
Date price Value
% Currency CHF % Currency Currency %
BAER CHESAPEAKE ONE ZERO % NOTES
Zero Coupon Notes ex warrants
620.308 - 30-Apr-02 133,500,000 200,325,161 85.500 114,142,500 115,961,364 BJB-ZRH 30-Apr-97 72.00 943 6.51% 3.13%
620.308 - 30-Apr-02 3,000,000 4,501,689 85.500 2,565,000 2,179,375 BJB-ZRH 30-Apr-97 73.250 943
136,500,000 204,826,850 116,707,500 118,140,739
Zero % US Strips
393.654 - 0% Strips United States of America 15-May-02 66,500,000 99,787,440 86.156 57,293,740 56,812,971 BJB-ZRH 30-Apr-97 71.6487 958 6.55% 2.99%
SECURITIES LENDING Zero % US Strips
393.654 - 0% Strips United States of America 15-May-02 -60,000,000 -90,033,780 86.156 -51,693,600 -51,259,823 BJB-ZRH 30-Apr-97 71.6487 958
Zero % US Strips
TOTALS NET OF SECURITIES LENDING 6,500,000 9,753,660 5,600,140 5,553,148
%p.a. % p.a.
0% Notes Baer Chesaepake One Ex warrants
0% Notes Baer Chesapeake One ex-warrants
CIMA (Original currency)
5.1.1 5.1.2 5.1.3 5.2.1 5.2.2 5.3
Securities Zone A banks Other sec
CHF bonds - 43,101,910 59,981,644 - - 56,421,929
DEM Bonds - 30,783,605 25,771,053 - - -
USD Bonds 5,033,334 25,085,798 37,843,063 - - 63,872,646
EUR Bonds - 25,816,191 7,668,383 - - -
- - - 460,096 - -
- - - 9,449,400 - -
- - - 843,961 - -
USD notes - 5,553,148 - 118,140,739 - -
FX Rate
DEM/CHF 1
USD/CHF 2
EUR/CHF 2
Ct gvmt&bks-1 Ct gvmt&bks+1 Aff bks & other Aff non-fin
USD tra sh
CHF shs
USD shs
CIMA (Original currency) CIMA (In CHF)
5.1.1 5.1.2 5.1.3 5.2.1 5.2.2 5.3
TOTAL Securities Zone A banks Other sec
159,505,483 CHF bonds - 43,101,910 59,981,644 - - 56,421,929
56,554,658 DEM Bonds - 30,783,605 25,771,053 - - -
131,834,841 USD Bonds 10,066,668 50,171,596 75,686,126 - - 127,745,292
33,484,574 EUR Bonds - 51,632,382 15,336,766 - - -
460,096 - - - 920,192 - -
9,449,400 - - - 9,449,400 - -
843,961 - - - 1,687,922 - -
123,693,887 USD notes - 11,106,296 - 236,281,478 - -
Totals 10,066,668 186,795,789 176,775,589 248,338,992 - 184,167,221
Check
Difference
23
CIMA Report (BS 5) 10,067 186,796 176,776 248,362 - 184,167
Ct gvmt&bks-1 Ct gvmt&bks+1 Aff bks & other Aff non-fin
USD tra sh
CHF shs
USD shs
Participations
TOTAL
159,505,483
56,554,658
263,669,682
66,969,148
920,192
9,449,400
1,687,922
247,387,774
806,144,259
654,070,941
152,073,318
806,168
MATURITY ANALYSIS (BOOK VALUES CHF 000)
Non-interest
Securities 1MO-3MO 3MO-6 MO 6 MO-1YR 1YR-5YR >5YR Sensitive Total
CHF Bonds - - 4,909 98,250 56,345 159,504
DEM Bonds - 8,179 - 29,180 8,851 46,210
USD Bonds - 7,553 7,503 137,837 44,932 197,825
EUR bonds - - - 44,423 9,089 53,512
Trading shares 0 0 0 0 0 690 690
Invest shares - - - - - 10,715 10,715
USD notes - - - 185,615 - 185,615
24 24
Totals - 15,732 12,412 495,305 119,217 11,429 654,095
Checks 654,095
806,168
Difference -152,073
Participations
cima-bs
Country exp
Page 13
FROM LUXEMB NED BELGIUM GBR USA FRANCE GERMANY SWITZERL CANADA AUSTRIA CAYMAN NORWAY ITALY IRELAND SWEDEN SPAIN AUSTRALIA JAPAN TOTAL
WORKSHEET 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
CHF INV BONDS 9,708 33,578 - - 21,055 3,942 35,119 17,622 - 29,714 - 5,021 - - - - 3,745 159,504
DEM INV BONDS - 12,878 - 8,179 16,302 - - - - - - - - - - 8,851 - 46,210
USD INV BONDS - 30,396 - 38,642 75,078 15,273 18,426 20,010 - - - - - - - - - 197,825
EUR INV BONDS - - - - - - 30,712 - - - - - - 22,800 - - - 53,512
TRA SHARES - - - - - - - - - - 690 - - - - - - 690
INVEST SHARES - - - - - - - 9,449 - - 1,260 - - - - - - 10,709
USD NOTES - - - - 8,332 - - - - - 177,277 - - - - - - 185,609
9,708 76,852 - 46,821 120,767 19,215 84,257 47,081 - 29,714 179,227 5,021 - 22,800 - 8,851 - 3,745 654,059
654,059 Check 1
654,071 Check 2
12
COUNTRY EXPOSURE: SECURITIES (Excluding Baer Holding)
1/23
ErsterWhistleblowerBrief:
AlsInsider(Whistleblower)binichinderLagediverseSachverhaltederBankJulius
Baeroffenzulegen.HauptzweckdiesesBriefesistes,dieMethodenaufzuzeigen,
die die Bank Julius Br anwendete und immer noch anwendet, um eigene
Steuerzahlungenzuvermeidenoderzuverringern.
IchwarChiefOperationalOfficer(COO)derBankJuliusBaer&TrustLtd,Cayman.
Eswurdevonmirverlangt,unethischeundunmoralischeGeschftefrdieBankzu
ttigen. Ich habe anfnglich aus Naivitt und dann fr ein Jahressalr von CHF
220'000kooperiert.
Tatsacheist,dassSteuerhinterziehung,umgehungundmassiveBeihilfedazuindas
RepertoiredieserCaymanBankinschweizerischemBesitzgehren.Esgelingt:
berJuliusBrandTrustCoLtd,CaymanIslandsunddieJuliusBrHolding
AG,ZrichungerechtfertigteSteuerersparnisimKonzernzuerwirtschaften,
der Schweizerischen Bevlkerung auf unethische und unmoralischer Weise
Steuersubstratzuentziehen,
undbankengesetzlicheRichtlinienzuumgehen.
DieserBerichtsollmeineFamilieschtzen,weildieffentlichkeitwissenmuss,dass
ichdazubeitragenwill,dass
dasSchweizervolkdiePraktikenderBankJuliusBrversteht
Steuerumgeher,hinterzieherundbetrgerdamitrechnenmssen,dassihre
Praktiken offen gelegt, gestoppt und nicht mehr als GentlemanDelikt
abgegoltenwerden,
die Interpretation von Steuerumgehung, hinterziehung und planung
berdachtwirdundvielleichtsogarinZukunftalsOffizialdeliktqualifiziertwird,
2/23
Steuerumgehung/hinterziehung als Vorstufe zur Geldwscherei betrachtet
wird,wiedasinderamerikanischenunddeutschenGesetzgebungderFallist,
die Schweizerischen und andere Staatskassen zu mehr Geld kommen, um
ihreAufgabenzuerfllen,
die Schweizerische Bankenkommission Ihre Richtlinien und Praktiken
berdenktundverschrft.
dieSchweizerFinanzweltaufgrunddiesesBerichtsehrlicher,moralischerund
ethischerwird,
dieOffshoreAnlegersichbewusstwerden,welcheRisikensieamBeispielder
SwisspartneranderenVehikeleingehen,
meineFrauundmeinKindkeineAngstmehrvonStalkingderBankJuliusBr
habenmssenbzwBedrohungenvonDritten.
Worumgehtes?
Die Br Gruppe verschiebt gezielt Steuersubstrat auf die OffshoreInsel Cayman
Islands (aber auch nach Luxemburg und in die Steueroase Guernsey), um ihre
SteuerlastunddiejenigevonKundenzuminimierenbzw.aufNullzureduzieren.Ich
bezeichne solche Konstruktionen als BellevueGriten (Hrchen). Ich fhlte mich
manchmal wieeinBeschtzerdieserDamen,dieeigentlichmissbrauchtwerden.
EsistdieRedevondenfolgendenGesellschaftenderJuliusBrHoldingAG,die
ihrenDienst alsOffshoreKonstruktionder JuliusBrHoldingAGin denCayman
Islands:leisten:
JuliusBrBankandTrustCo.Ltd,CaymanIslands(dieBank)
JuliusBrTrustCoLtd,CaymanIslands(dieAdministrationsgesellschaft)
URSALtd.,CaymanIslands(dieVersicherungsgesellschaft)
BaerSelectManagementLtd,CaymanIslands(derInvestmentManager)
3/23
CreInvestLtd,CaymanIslands(derHedgeFund)
shaPELtd,CaymanIslands(diePrivateEquityGesellschaft)
DergemeinsameZweckdieserGesellschaftenistes:
VonlckenhaftenGesetzgebungen(z.B.Bankengesetz)derCaymanIslands
Transaktionen,Konstruktezuerstellen,dieineinemgutreguliertenLandnicht
mglichsind,
DieSteuersubstanzderJuliusBrGruppeninderSchweizundimAuslandfr
sichundihreauslndischenKundenzureduzieren,
SchweizerischenundauslndischenKundenVehikelzurVerfgungzustellen
damitSteuernumgangenodersogarhinterzogenwerdenknnen,
SchweizerischenundauslndischenVermgensverwalter,dieMglichkeitzu
geben,GesellschaftenaufCayman(bzw.aufGuernseyundinLuxemburg)zu
grndenundebenfallsvonderSituationzuprofitieren,
DieAnlegerzuschtzen,
UndnatrlichfrdieJuliusBrGruppeSteuernzuminimieren.
NurdieMuttergesellschaftJuliusBaerBankandTrustCoLtd,CaymanIslands(die
Bank)gehrtdirektderJuliusBaerHoldingAG,Zrich.AlleanderenGesellschaften
gehrenderJuliusBaerBankandTrustLtd,(direktoderindirekt)undsomiterscheint
nachaussennurdieJuliusBaerBankandTrustCoLtd.,CaymanIslands(dieBank).
Das ist geschickt gelst, weil damit alle anderen Gesellschaften versteckt sind.
Weder die Eidgenssische Banken Kommission (EBK) noch die Steuerverwaltung
bekommen die Bilanz und Erfolgsrechnung dieser Gesellschaften aufgrund des
Confidentiality Law (hnlich dem Bankgeheimnis in der Schweiz) in Cayman zu
sehenbzwdasEinsichtsrechtkannnichtdurchgesetztwerden.
4/23
Die ungefhre Hhe der Steuerersparnis geht aus der Zusammenstellung am
SchlussdiesesDokumenteshervor.EsgehthiernichtumdengenauenGeldbetrag
des Verlusts von Steuersubstrat in der Schweiz sondern um die Grssenordnung
und vorallem um die Methodik der Offshore Kontruktionen. Die gezeigten Zahlen
betreffendenAnfangdesJahrzehntsundsindheutemitgrssterWahrscheinlichkeit
aufgurnddesWachstumsderGruppewesentlichhher.
JuliusBrBankandTrustCo.Ltd,CaymanIslands
EinzigerAktionrderJuliusBrBankandTrustCo.Ltd,CaymanIslands(dieBank)
istdieJuliusBaerHoldingAG,Zrich.DieseBankfinanziertsichausderSchweiz
mit Callgeldern (bis zu CHF 1,6 Millarden whrend meiner Zeit) der Kunden und
investiert diese Gelder in das eigene KonzernWertschriftenportfolio, das aus der
Schweiz durch das Asset & Liability Management (Entscheidungstrger) in Zrich
aktiv verwaltet wird. Smtliche Anlageentscheide werden in Zrich gefasst,
FinanzierungderWertschriftenkufewirdebenfallsausZrich(mitZuweisungvon
KundenCallGeldern)gemachtundgesteuert,KaufundVerkaufsentscheidewerden
inZrichgefllt,dasRiskomangementwirdebenfallsfaktischinZrichausgebt.
Dennochwirdvorgetuscht,dassdasManagementinCaymandieEntscheidegefllt
habe. Ich musste via Lotus Notes (ein internes Kommunikationssystem) Email
Auftrgeerteilen,obwohlderAuftraglngstensausgefhrtwar.DerHhepunktwar,
dassdieBankdieseTransaktioneninManagementProtokollenderJuliusBrBank
andTrustCo.Ltd,CaymanIslandsfestgehaltenhatteundsoformuliertwaren,dass
die Entscheidsfindung und der Entscheid von Kauf/Verkauf in Cayman erfolgten.
Hinzu kam mein EmailAuftrag, dass der Ursprung des Entscheides in Cayman
geflltwurde.DiesewchentlichenManagementprotokollemusstennachZrichan
5/23
dasGeneralsekretariatgesandtwerden.DieweitereVerwendungdieserProtokolle
istmirnichtbekannt.
DasWertschriftenportfeuilleenthltnichtnurlangfristigeInvestments(Obligationen
derInternationalFinancialReportingStandards(IFRS)KategorieHoldtoMaturity)
sondernistaucheinTradingbook(z.B.Liquibr,einJuliusBrFundoderauchder
legendre Long Term Capital Fund (siehe Beilage). Die hufigen Kufe und
Verkufe der Liquibr Aktien durften nicht verbucht werden. Es wurde nur eine
Bestandesanpassung am Monatsende gemacht. Natrlich wurden auf den Kufen
undVerkufenkeineAbgabenabgerechnet(AuslandAuslandgeschft),obwohldie
ganzenTransaktionenbereinKonto(Kontonummer726.5062)beiderBankJulius
Br,inZrichabgewickeltwurden.DieKufeundVerkufebetrafenhauptschlich
KontiinZrich.DieKontofhrungunddieWertschriftendepotFhrungwerdensomit
ebenfallsinZrichvorgenommen.
VerletzungdesSteuerrechts
Das schweizerische Steuerrecht sagt klar, wenn Verwaltungsttigkeiten in der
Schweiz ausgefhrt werden oder eine Organisation nur den Zweck hat
Steuerrichtlinienzuumgehen,dannunterliegtdasUnternehmenderschweizerischen
Steuergesetzgebung. Die Geschftsttigkeit muss unabhngig sein und entweder
mssendieInvestitionsentscheideinderauslndischenGesellschaftgeflltwerden
oderdiestrategischenInvestitionsplnemssendortentwickeltwerden.
1
1
AuslndischeGesellschaften,unterliegenderschweizerischenSteuergesetzgebungnurdannnicht,
wennfolgendeKriterienerflltsind(auseinerenglischsprachigenDarstellung):
1. Anindependentbusinessactivityshouldbeperformedattheforeigndomicileinwhicheither
decisionsforinvestmentsaremadeinpersonorthatatleaststrategicinvestmentplansare
developedthereinordertopreparerespectivedecisionsofothercompanies.
6/23
Bei der Julius Br Bank and Trust Co Ltd, Cayman (der Bank) liegt keine
unabhngige steuerbefreite Ttigkeit in einem auslndischen Domizil vor, da die
Entscheidungstrgerz.BfrWertschriftenkufe/verkufeinderSchweizdomiziliert
sind (Asset & Liability Management der Julius Br Bank AG, Zrich). Das
professionelle Knowhow ist in Cayman gar nicht vorhanden und deshalb findet
tatschlich keine Verwaltung in Cayman statt. Es wird faktisch nur eine
SchattenbuchhaltunginderJuliusBrBankandTrustCoLtd,Caymangefhrt,in
der das Wertschriftenportfeuille und die Finanzierung des Portfeuilles von Zrich
festgehaltenwird.
DieGewinnederJuliusBrBankandTrustCoLtd,CaymanIslands(derBank)und
dercaymanischenTochtergesellschaftenfliessenalsDividende(zwischenCHF10
30 Mio. pro Jahr und heute vermutlich wesentlich mehr) wieder in die Julius Br
Holding,Zrichzurck.SelbstverstndlichwirdderHoldingabzuggeltendgemacht
undsomitwirddieserCaymanBeteiligungsertragnichtbesteuert.
2. Theforeigndomicileshouldbefurnishedwithinfrastructure
3. Theoffshorecompanymusthireownstaff,whichinactisworkingattheforeigndomicileand
possesses the required professional qualifications so that thereby the management of the
offshorecompanyonsiteisensured.Notsufficientisthisrespectistheengagementofloan
staffbytheoffshorecompany.
4. Theoffshorecompanyhastoobtainallnecessaryapprovalsandlicenseswithregardtothe
locallegislationforitsbusiness.
5. Thesolepurposeofthevehicle/constructionshouldnotbetominimisetaxexposureinthe
homecountry.
Ifonlyoneoftheabovementionedcriteriacannotbeprovedtheoffshorecompanyisqualifiedasa
passive investment entity. This classification leads to extensive tax consequences (d.h. direkte
Bundessteuer,StaatsundGemeindesteuernundVerrechungssteuern)inSwitzerland.
7/23
VerletzungderFristenkongruenz
Bei der Julius Br Bank and Trust Co. Ltd, Cayman Islands (die Bank) wird ein
langfristiges Wertschriftenportfeuille (Obligationen mit Wertschriften der IFRS
Kategorie Hold to Maturity) und ein spekulatives Tradingbook mit Kunden und
bankeigenenCallgeldern(kndbarinnerhalbvon23Tagen)finanziert.EineBank
mit einer kurzfristigen Finanzierung wie Callgelder ist im Ausmass der Julius Br
Bank&TrustCompany,Cayman(dieBank)inderSchweizausgesetzlichenund
insbesondere bankengesetzlichen Grnden widerrechtlich und deshalb nicht
mglich. Es ist doch lcherlich, dass das Caymanische Bankengesetz eine
kurzfristigeFinanzierung(KundenCallgelderbiszu90%derBilanzsumme)undeine
langfristige (Obligationen) und spekulative (Tradingbook) Investierung der Gelder
zulsst. Dass KundenCallgelder fr die Finanzierung eines langfristigen
Wertschriftenportfeuilles verwendet werden, verstt ganz klar gegen die
bankengesetzlichenFristenkongruenzinderSchweiz.NatrlichstelltsichdieJulius
Br Gruppe auf den Standpunkt, dass man die Sache aus dem Blickwinkel des
KonzernsanschauensollteundnichtnurdieeinzelneGesellschaftbzwdieOffshore
Konstruktion.InKonkursfllengibtesjedochkeineKonzernhaftungunddamitistdas
VerlustrisikoeinerOffshoreAnlagewesentlichhher.
EswarniedieIdeedesschweizerischenGesetzgebers,dasskurzfristigeAnlagen
(Callgelder)bei 100%igbeherrschtenGruppengesellschaftenangelegtwerden.Die
Idee war eine Risikostreuung deshalb sollten die Gelder bei Drittbanken angelegt
undnichtbeikonzerninternenOffshoreGesellschaften.
Dass eine anerkannte Privatbank ein OffshoreTradingbook (kurzfristiger
Handelsbestand)besitztistsicherfragwrdig.Diesisteinfachzugefhrlich,weiles
jadamitganzklarebankengesetzlichenRichtlinienbetreffendRiskomanagementetc.
umgangenwerden.EinprofessionellesRiskmanagementgibtesinCaymannicht.
8/23
URSALtd.,CaymanIslands
(100%igerAktionr:JuliusBaerBankandTrustCoLtd,CaymanIslands)
URSA ist eine konzerninterne PseudoVersicherungsgesellschaft der Bank, um
VersicherungsprmienalsgeschftsmigbegrndetenAufwandbeiderBankJulius
Br, Zrich und anderen Tochtergesellschaften in Abzug zu bringen und so das
Steuersubstrat in der Schweiz und anderen Lndern zu reduzieren. Es geht um
Versicherungsprmienvonca.CHF500'000proJahr(heutevermutlichwesentlich
mehr). Die Gewinne auf dem Wertschriftenportfeuille und die Einnahmen von
PseudoVersicherungsprmien von Konzerngesellschaften bilden das Eigenkapital
vonca.CHF25Mio.derURSA.
URSA hat whrend den letzten 15 Jahren nie einen konzerninternen
Versicherungsschaden bezahlen mssen, da alle Verluste direkt den Br
GesellschaftenbelastetwurdenunddamitdaslokaleSteuersubstratreduziertwurde.
DieGesellschafthatkeineneigentlichenVerwaltungsaufwandundkeineoperativen
Kosten,dennesgibtkeineMitarbeiter.EntscheideberdasWertschriftenportefeuille
werdeninZrichundLondongefasst.DieseerbrachtenLeistungenwerdennatrlich
nicht fakturiert und somit wird weder in Zrich noch London Einknfte bzw.
Steuersubstrate generiert. Zudem wird als Folge auch keine Mehrwertssteuer auf
denPrmienabgerechnet,obwohldieURSALtdindirektvonderJuliusBrHolding
AG,Zrichgehaltenwird(Leistungserbringerundempfngersindfaktischz.T.in
der Schweiz). URSA ist ein Instrument mit dem einzigen Zweck der
Steuerminimierungbzw.umgehung.
Weiterer Zweck der Gesellschaft ist offensichtlich, Versicherungsgebhren als
geschftsmssig begrndeten Aufwand in der Schweiz und in auslndischen
Tochtergesellschaften der Julius Br Holding in Abzug zu bringen, um den
9/23
steuerbaren Gewinn in der Schweiz zu reduzieren und steuerfrei Gewinne des
Wertschriftenportfeuilles und Versicherungsprmien in der Offshore Pseudo
Versicherungsgesellschaft URSA Ltd, Cayman Islands zu thesaurieren. Der
Nebeneffekt ist, dass auf ca CHF 0,5 Mio. Versicherungsgebhren keine
Mehrwertssteuer(7,6%oderCHF38000)abgerechnetwird.
BaerSelectManagementLtd,CaymanIslands
(100%igerAktionrJuliusBaerBankandTrustCoLtd,CaymanIslands).
ZweckdieserGesellschaftistesalsInvestmentManageraufzutretenundInvestment
Advisorsanzustellen,umdamitdieInvestmententscheideanprofessionelleManager
zudelegieren.
Dies ist derHhepunkt der Minimierung der Steuern, weil die Management Fees,
Investment Advisory Fees und z.T. Performance Fees von schweizerischen
brsenkotiertenGesellschaften(CreInvestAG,ZugundshaPEAG,Zug/Freienbach)
Offshore steuerfrei vereinnahmt werden. Die Gesellschaft hat weder Angestellte
nochMobiliar,verwaltetaberdasInvestmentManagementMandatvondiversenBr
Fonds (CreInvest, shaPE, Fixed Income Hedge Funds und neu diverse weitere
HedgeFunds).
Baer Select Management Ltd, Cayman Islands (Investment Manager) hat den
Zweck, Investment Management Services ber einen Investment Advisor
beispielsweise an die CreInvest Ltd, Cayman zu erbringen, letztere wird von
CreInvestAG,Zuggehalten.DieServiceswerdenderCreInvestLtd,Cayman(hlt
Wertschriftenportfeuille in Zrich und New York bei Julius Br Gesellschaften)
belastet, damit wiederum Gewinne steuerfrei in den Cayman Islands angehuft
werdenknnen.DieCreInvestAG,ZugerhltnursovielDividende,dassdamitdie
10/23
Betriebskostengedeckt werdenknnen und somitkeinodernur ein bescheidener
Gewinn in der Schweiz anfllt (GewinnManipulation). Natrlich profitiert hier die
CreInvest Ltd, Cayman als Offshore Konstrukt bei den Kufen/Verkufen von
weniger Abgaben und den lckenhaften rechtlichen Vorschriften in den Cayman
Islands.EineigentlichstrafesAnlagefondsgesetzwieesdieSchweizaufweist,haben
dieCaymanIslandsnicht.
AuchshaPE,CaymanundshaPE,Freienbach(KtSchwyzSteueroaseSchweiz)ist
nachdemgenaugleichenKonzeptaufgebaut.CreInvestAG,ZugundShaPEAG,
Freienbach sind an der schweizerischen Brse kotiert, aber das Investment
Management ist scheinbar nach Cayman verschoben, so dass Investment
ManagementGebhrenundPerformanceBeteiligungenOffshoreinderBaerSelect
Management Ltd, Cayman vereinnahmt werden knnen. Damit werden dem
schweizerischenundanderenStaatenwiderumSteuersubstratentzogen.
AuchweitereFondswieJuliusBaerDiversifedFixedIncomeHedgeFund,Cayman,
JBBlackSeaFrontierFund2007undJuliusBaerEquityHedgeFund,Caymansind
nach dem hnlichen Konzept strukturiert. Die Management, Performance und
InvestmentManagerGebhrenfallenalleOffshorebeiBrSelectManagementLtd,
Caymanan.Auchmussbercksichtigtwerden,dassCreInvestAG,Zugsowohlals
auchshaPEAG,FreienbachanderschweizerischenBrse(SWX)kotiertsindund
damitsogarnochdieInfrastrukturderSchweiznutzen.DieGewinnemachtdieBr
Select Management Ltd, Cayman Islands (siehe weiter unten). Diese Gewinne
flieenvonCaymanberdieJuliusBrBankandTrustCoLtd,Cayman(dieBank)
alsDividendewiederumindieJuliusBrHoldingAG,Zrichzurck.Tatsacheist,
dass die Gewinne/Fees (Definition: Differenz zwischen belasteter Gebhren fr
Investment Management Mandate und bezahlter Gebhren an sogenannte
InvestmentAdvisors)betriebswirtschaftlichgeseheninderSchweizoderinanderen
11/23
Lndernerarbeitetwurden,OffshoreanfallenunddannvonOffshorewiederzurck
inSchweiznachZrichindieJuliusBrHoldingAGtransferiertwerden.Dabeiwird
wiederumderHoldingabzuggeltendgemachtundsomitwurdendieseGewinnenie
versteuert.
Abzockerei
Insbesondere bei shaPE wurde gegen die Corporate Governance verstoen. Der
grssteTeilderKunden,dieindiesProduktinvestierthaben,sindKundenderBank
Br.DieseKundenhabenderBankeinenVermgensverwaltungsvertragerteilt.Das
Management hat dies ausgenutzt und die eigenen Kundenberater indirekt beim
Aufsetzen des Produkts gezwungen fr ihre Kunden shaPE Aktien zu kaufen. Es
handelt sich um einen Betrag von ca CHF 130 Mio., der in shaPE sogenannt
zwangsinvestiert wurde, um aus der Konstruktion shaPE einen Erfolg zu machen
bzw zustzliche Gebhren Offshore zu generieren. Die shaPEAktie ist ein
underperformerwennmanheutedieAktiemitderMarktentwicklungvergleicht.Die
BankverdientaberaufdenangelegtenCHF130Mio.ca.1,5%jhrlich,d.h.ca.CHF
2,0Mio.SiemachtOffshoreindenCaymanIslandseinensteuerfreienGewinnaus
demVermgenvonleidendenKunden.
DieBerechnungderGebhrenderbeidenGesellschaften:
CreInvest,Zug,respektiveCayman:
FondsvolumenUSD340Mio.
Gebhren: Grssenordung bis zu 2% Investment Management / Advisory
Fees, Custodian Fees fr die Investitionen, Transaction Fees, Performance
Fees.
12/23
Die OffshoreGesellschaft BaerSelect Management Ltd, Cayman nahm um
2000totalca.USD12Mio.jedesJahrsteuerfreiein.
ShaPE,Zug/FreienbachrespektiveCayman:
Fondsvolumen CHF 130 Mio. (Kunden mit grsstenteils
Vermgensverwaltungsmandaten)
Gebhren:biszu2%InvestmentManagement/AdvisoryFees,Custodian
fees0,2%,TransactionFees:
Die10%PerformanceFees sindeineFarce, dientige Performancewird
seltenerreicht,wennberhaupt
Die OffshoreGesellschaftBaerSelect Managementltd,Caymannimmtca.
CHF3,7Mio.jedesJahrsteuerfreiein.
NebenCreInvestLtd,CaymanundshaPELtd,CaymanliefernauchdieBreigenen
HedgeFundsFeesandieBaerSelectManagementab.SomitistdieBaerSelect
Management eine eigentlich Cash Cow, die Offshore steuerfreie Gebhren
vereinnahmtunddieswiederZrichabliefert.
JuliusBaerTrustandCoLtd.CaymanIslands
(100%igerAktionrJuliusBaerBankandTrustCoLtd,CaymanIslands).
ZweckdieserGesellschaftistes,diefolgendenDienstleistungenzuerbringen:
AdministrationvonMutualFunds
AdministrationvonTrust&Companies
Grundstzlich werden hier auch Services an schweizerische unabhngige
Vermgensverwalter erbracht, die die Lcken bzw. die Unkenntnis des
13/23
caymanischenGesetzgebersausntzenundzudemOffshoregewisseManagement
Gebhren vereinnahmen, die den schweizerischen Steuerbehrden entzogen
werden.EinklassischeBeispielistauchHerrC.L.jun.,derehemaligeRepresentant
vonJuliusBr,MexicoCityundehemaligerVerwaltungsratderJuliusBaer,Cayman.
DieJuliusBrGesellschaftinMexicoCitymussteineinerNachtundNebelAktion
geschlossen werden, weil siebzw. C. L. jun. indieSalinas Geschichte verwickelt
war. Die schweizerischen Strafverfolgungsbehrden fhren seit 1995 gegen C. L.
jun. ein Strafverfahren wegen Geldwscherei, Drogenhandel, Veruntreuung und
weitererStraftaten(imEinzelnen:BGE125IV165).Am15.November1995wurden
im Rahmen eines in der Schweiz erffneten gerichtspolizeilichen
ErmittlungsverfahrensGuthabenvonC.L.jun.inZrichbeschlagnahmt.Erwarals
unabhngiger Vermgensverwalter mit der Anlageberatung fr Angehrige der
FamiliedesfrherenMexikanischenPrsidentenRAULSALINASbefasstundhatte
mit den Vermgenswerten von dessen Bruder bei der Julius Br, Zrich zu tun.
Aufgrund zuverlssiger Quelleistbekannt,dass dasVerfahrengegen ihn und die
BankeingestelltwurdemitdenArgumenten:dieDueDilligencePrfungbeiSalinas
Kundenwarennursloppyundsomitnichtstrafbarbzw.manhabejanochandere
KundenundnichtnurSalinas.Dieslsstvermuten,dasssloppyDueDiligencein
derSchweizalsGentlementDeliktgewertetwird.
DieCaymanEinheitstelltauchTrust&CompanyServiceszurVerfgung,umGelder
z.B.inFormvonDarlehenwiederaufUmwegenindieSchweizzurckzufhrenund
dabeimitDarlehenszinsensteuerfreienErtragOffshorezukonstruieren.
DasKonzeptdieserFINTEXGesellschaftenbestehtdarin,dassGelderaufeinKonto
bei der Julius Br Bank, Zrich auf den Namen einer dem Kunden gehrenden
CaymanGesellschafteinzubezahltwerden.DieseGesellschaftwirddurchJuliusBr
Trust & Co Ltd, Cayman administriert. Damit die Gelder in der Muttergesellschaft
14/23
gebrauchtwerdenknnen,gewhrtdieCaymanGesellschafteinDarlehenundlsst
sich dies gut verzinsen. Der Zinsaufwand wird in der Schweizer oder in einem
anderenLandderGesellschaftalsgeschftsmigbegrndeterAufwanddeklariert
undsomitdasSteuersubstratinderSchweizreduziert.JuliusBrhilfthieraktivmit,
um Steuern zu umgehen. Auch wird diese OffshoreGesellschaft gebraucht, um
verdeckte Zahlungen/Kompensationen, die in der Konzernbuchhaltung nicht gerne
gesehenwerden,anDrittezumachen.DieFrageistoffen,welcheGegenleistungfr
dieseZahlungenvomEmpfngererbrachtwerden.Sicherist,dieseGesellschaftist
eineBellvueGrite.
JuliusBaerBank&TrustCoLtd,CaymanwurdeauchzurKurspflegederCreInvest
AG,ZrichAktiengenutzt.EswurdenmassivCreInvestAktiengekauft,umdieAktie
hoch zu halten. Der Eigenbestand betrug zeitweise bis zu 40 Prozent. Die Bank
JuliusBaer,ZrichdurftejedochnureinenbestimmtenAnteilhaltenansonstenhtte
dieEBKorientiertwerdenmssen.DergrteTeilwurdedeshalbberJuliusBaer
Bank&TrustCoLtd,Caymanabgewickelt.
Berechnung des Steuerverlusts der Schweiz durch die Aktivitten der Bank
JuliusBrindenCaymanIslands
Jhrlicher
durchschnittlicherer
GewinninMio.CHF
SteuerbelastungZrich
unddBStca.35%
Steuerersparnisbzw.
hinterziehung/betrug
proJahr
JuliusBrBankand
TrustCoLtd,Cayman
Islands
CHF1520Mio. CHF7Mio. CHF7Mio.
JuliusBrTrustCoLtd,
CaymanIslands
CHF3Mio. CHF1Mio. CHF1Mio.
BrSelect CHF89Mio. CHF3Mio. CHF3Mio.
15/23
ManagementLtd,
CaymanIslands
URSALtd,Cayman
Islands
CHF0,5Mio. CHF0,2Mio. CHF0,2Mio.
TotalproJahr CHF26,532,5Mio CHF 10,2 CHF 11,2
Mio.
Die CHF 26,5 32,5 Mio. Franken stellen berschlagsmssig insgesamt einen
steuerbaren Gewinn von ca. CHF 38 45 Mio. Franken in der Schweiz dar.
Normalerweise ist auf diesen Gewinnen die Direkte Bundessteuer, Staats und
Gemeindesteuer und bei Ausschttung als Dividende die Verrechnungssteuer
geschuldet. Zudem werden diese Ausschttungen bei natrlichen Person als
Einkommenversteuert.AlldiesesteuerlichenBelastungenerfolgenjedochaufgrund
desOffshoreKonstuktesnicht.
Diese Zahlen basieren auf den Erfahrungswerten von 1997 bis 2003 und es ist
deshalb klar, dass das massive Wachstum der Br Gruppe (Asset under
Management2002caCHF170Milliarden/1900Mitarbeiterundheute2008CHF
400Milliarden/4100Mitarbeiter)dazugefhrthatte,dassobigeBetrgeusserst
konservativsindundheutevermutlicheinmehrfachesderSteuerersparnisdurchdas
erhhteTransaktionsvolumenbzwzustzlichenCaymanFondsdarstellen.
Umgang der kantonalen Steuerbehrden des Kantos Zrich mit Offshore
Konstrukten
Die Verantworltichen der Bank Julius Br werden zu den in diesem Bericht
dargestellten Sachverhalten sagen, alle Verfahren seien im Detail mit den
Steuerbehrden abgesprochen worden. Die Verflechtung der kantonalen
16/23
Steuerbehrde mit der Zrcher Finanzwelt ist meines Erachtens kritisch zu
beurteilen. Es ist zwar verstndlich, dass der Kanton Zrich den grossen
Steuerzahler Julius Baer nicht verrgern will und deshalb u.a. sogenannte Tax
Rulingsgewhrt.WenndieZrcherSteuerverwaltungabereinOffshoreKonstrukt
einmal akzeptiert hat braucht es viel, bis sie auf den gefassten Entscheid
zurckkommt. Dass Ausmass des Gewinns, der Offshore anfllt, wird bei der
erstmaligenVorlageeinesKonstruktsbeiderSteuerbehrde,nichtoffengelegt.Das
wrdejadasKonzeptsofortinFragestellen.DaskantonaleSteueramtgibtalsosein
Einverstndnisohnewissenzuknnen,wiegrossderSteuerverlusteigentlichsein
wird. Hinzu kommt dass, sobald ein Konstrukt von der Steuerverwaltung einmal
akzeptiert ist (Steueramt gibt schriftliche Besttigung ab), ist es durch das
BankgeheimnisaufdenCaymanIslandsgeschtzt. DieSteuerbehrdekanndann
dieOffenlegungkaummehreinfordern.SomitbekommtdasSteueramtkeineBilanz
und Erfolgsrechnung von CaymanGesellschaften zu sehen und wird nie das
Ausmass der Steuerersparnis kennen. Interessant ist auch, dass weder die
Eidgenssische Steuerverwaltung (direkte Bundessteuer), die Eidgenssische
Verrechnungsteuerabteilung (Verrechnungssteuer) bzw. die Abteilung fr
Mehrwertssteuern bei solchen Tax Rulings beigezogen werden bzw. ein
Mitbestimmungsrecht haben. Es ist in der alleinigen Kompetenz der kant.
SteuerverwaltungZrichsolcheRulingszuerlassen.
Julius Br argumentiert hingegen, dass sie alle OffshoreKonstruktionen mit der
Steuerverwaltung abgesprochen habe und es gbe auch das Arms Length
PrincipleunddeshalbseiallesRechtens.Nichtsdestotrotz,derEffektist,dass
JuliusBrmassivwenigerSteuernabliefert,
Sich schweizerische Klein und Mittelunternehmen solche Konstruktionen
nichtleistenknnen,
17/23
Das Volk und der Staat an schweizerischen Steuersubstrat bzw andere
StaatendasNachsehenhaben.
SteuerbehrdendrfenDatennichtverwenden
CaymanDaten die legal in meinen Besitz geraten sind, knnen von der
Eidgenssischen Steuerverwaltung nicht fr Nachforschungen verwendet werden.
AlsVerantwortlicherfrdieBankinCaymanmussteichjedenAbendeinTapenach
Hausenehmen,umimFalleeinesBrandsdesBankgebudesdieBankdatenschnell
wiederrekonstruierenzuknnen.DiesgaltauchimFalleeinesHurrikans,indiesem
FallehtteichdieDatensogarvonderInselwegfliegenmssen,wasichmehrmals
gemachthabe.
MeinArbeitsvertragwurdeaufgelst,whrendichindenFerienimSpitalwarundan
derWirbelsuleinZrichoperiertwurde.DeshalbhatniemandnachdiesenDaten
gefragt.Ichmachedeshalbgeltend,dassichaufCaymanlegal indenBesitzvon
DatenausCaymangelangtbin,vonDiebstahlkannnichtdieRedesein.Dieswurde
sogar von der untersuchenden Staatanwltin in Zrich schriftlich festgehalten.
Zudem hat die Cayman Justiz michnicht angeklagt, aber die Weltwoche (Lukas
Hssig) und die Sonntagszeitung (Meinrad Ballmer haben gegen mich als
DatendiebeinemedialeHetzjagdveranstaltet.Ballmergingsoweit,dassermichals
einenpsychischKrankenbezeichnete.)Pikantistnun,dassdieZrcherRichterdem
Steueramt d.h. der Eidgenssischen Steuerverwaltung die Akteneinsicht fr
StrafsteuerverfahrenindiegesichertenBeweismittelverweigertenunddamitallfllige
Nach und Strafsteuern fr Schweizer BrCaymanKunden und fr die Bank
verhinderten.DiesbesttigtedieEidgenssischeSteuerverwaltung(ESTV)ineinem
Brief: Der ESTV wurde die Akteneinsicht in die Akten der
18/23
Strafuntersuchungsbehrden gegen Rudolf Elmer des Kantons Zrich verweigert.
Dieswurdedamitbegrndet,dassdiebeiIhnenbeschlagnahmtenDatenderBank
JuliusBrunrechtmigindenBesitzderStrafverfolgungsbehrdengelangtsind,da
diese immer noch dem Bankgeheimnis unterliegen. In einem "ordentlichen"
Strafverfahren htten die Strafuntersuchungsbehrden nmlich niemals die
Kundendaten einer Tochtergesellschaft der Bank Julius Br im Ausland
beschlagnahmen knnen. Da Rudolf Elmer heute immer noch unter dem
Bankgeheimnis steht, kann die ESTV auch weitere mndliche oder schriftliche
Angaben von Ihnen leider nicht zur Durchfhrung von Nach und
StrafsteuerverfahrengegendiejeweiligenPersonenoderGesellschaftenverwenden,
da diese Angaben unrechtsmig in unseren Besitz gelangt wren. Diese
Begrndung ist lcherlich und nur ein vorgeschobenes Argument, um die
Dateneinsichtzuverwehren.
Hingegen haben die Zrcher Richter der Ausgleichskasse der Banken die
Akteneinsicht gewhrt, was dazu fhrte, dass die Bank Tausende von Franken
Sozialversicherungsbeitrgenachzahlenmusste.OffensichtlichwirddasBundesamt
frFinanzenunddasBundesamtfrSozialversicherungenunterschiedlichvonden
ZrcherRichternbewertetbzw.dasAkteneinsichtsrechtgewhrt.
Daszeigtdocheindeutig,dassdasSchweiz.RechtssystemindiesemPunktnicht
gengt. Die Bank kann Handlung begehen, um Steuern zu optimieren bzw. zu
vermeiden und der Staat kann diese Bank nicht einmal zur Rechenschaft ziehen,
wenn er davon Kenntnis erhlt. Die falsch beurkundeten Sachverhalte in den
Protokollen desManagement in den Caymans, die belegen, dass Kauf/Verkauf
Entscheidungen in den Caymans gefllt wurden, zeitlich 67 Stunden nach der
Ausfhrungknnendamitnichtgeahndetwerden.UeberdieEthikundMoraleines
solchenVerhaltens/EntscheideerbrigtsichdieDiskussion.
19/23
Verantwortliche
Die folgenden Personen haben Kenntnis und tragen die Verantwortung fr die
AktivittenderBankBraufdenCaymanIslands:
RaymondBr,VRPrsidentderJuliusBrHoldingAG(ehemaligerVR
PrsidentderCreInvestAG,ZugundehemaligerBusinessLine
VerantwortlicherfrJuliusBr,Cayman)
RudolfE.Br,ehemaligerCEOderJuliusBrHoldingAG,ehemaligerVRder
JuliusBrandTrustCoLtd,Cayman
WalterKnabenhans,ehemaligerCEOJuliusBrHoldingAG,Zrich,
ehemaligerVerwaltungsratsprsidentJuliusBrandTrustCoLtd,Cayman
Islands
MichelVukotic,BankdirektorJuliusBrBankAG,ZrichVerwaltungsratder
JuliusBrBankandTrustCo.Ltd,CaymanIslands
MartinVogel,VerwaltungsratderJuliusBrandTrustCoLtd,CaymanIslands
FabioOetterli,DirektorBaerSelectManagementLtd,CaymanIslands,
DirektorBankJuliusBr&CoAG,Zrich.
SchutzdesAnlegers
Dieses Beispiel zeigt, wie wichtig es ist, dass der Anleger seine OffshoreVehicle
unterKontrollebehltundnichteinfacheinemunprofessionellenAnlageberaterdie
totaleVerwaltungsvollmachtberlsst.EshandeltsichhierumdasOffshoreProdukt
Swisspartner.HiereinBeispielinenglischerSprache:
20/23
AUnitedStatesresidentclaimshelost$22millionasaresultofthe
mishandledrestructuringofhisoffshoreaccountmadenecessaryby
SwissbanksagreeingtocooperatewiththeIRS.
AtthecenteroftheallegationsareBankJuliusBaerandDexiaPrivate
Bank, both of Switzerland, and investment firms controlled by
LiechtensteinischeLandesbankLtd.,ofLiechtenstein.
Anthony Defries, of Berryville, Virginia, alleges the value of his
securitiesportfolioplummetedafterhewasinducedbyhisadvisersto
giveupdirectcontrolinordertocomplywithU.S.taxlaws.
Four months later, the portfolio had lost $22 million as his money
managersfailedtoimplementalimitstrategyorobtaininsurance,as
theyshouldhave,itwasalleged.
Inanefforttorecouphislosses,DefriesfiledacivilcomplaintattheU.
S. District Court for the Eastern District of Virginia on October 29,
2003,alleging"securitiesandinsurancefraud".
Defendants are Swiss Partners Investment Network Ltd., of
Liechtenstein; Swiss Partners Insurance Company SPC Ltd., of
Switzerland; Liechtensteinische Landesbank Ltd., of Liechtenstein;
Karp&GenauerPA,ofFlorida;BankJuliusBaer&CompanyLtd.,of
Switzerland; Dexia PrivatBank, of Switzerland; Rainer H. Moses, a
Swiss national; Martin P. Egli, a Swiss national residing in Monaco;
SimonNewson,aSwissnational;BennoK.Raeber,aSwissnational;
AnthonyB.Stelling,aBritishnationalresidingintheCaymanIslands;
Elfried Hasler, residing in Switzerland; Norman Oehri, residing in
Switzerland;JoelJ.Karp,residinginFlorida;RaymondJ.Baer,residing
in Switzerland; Armin Weber, a Swiss national; Marcel Wieduwilt, a
21/23
Swiss national; Sigrid Baur, residing in Switzerland; and Alfons
Widmer,residinginSwitzerland.
Defriesindicatedhislawsuitmayturnintoaclassactiononbehalfof
"anypolicyholderwhoparticipatedinorpurchasedinsuranceproducts
from Swiss Partners Insurance Company SPC during the relevant
period".
"TheDefendantshavebeenrequestedtoprovidedetailsoftheholders
ofoptional variableannuitiessothatthoseholdersmightbeaskedif
theywishedtopursuesuchaclassaction,buttheDefendantshave
failedandrefusedtoprovideanysuchinformation,"healleged.
Defries claims that, from 1997 to 2001, the defendants "dealt in
unregistered securities in violation of the Securities Act 1933 and
soughttopassoffthosesecuritiesasunlicensedinsuranceproducts".
"Defendantsfurtherengagedinaconspiracywitheachothertosetup,
market, disseminate and sell unregistered securities and unlicensed
insuranceproductsandsocalledpurporteddeferredvariableannuity
insurance policies in the USA and in Switzerland and carried out a
courseofconductinvolvingsuchfraud,conspiracy,recklessbehavior
andattendantactions,occurredintheperiodbetween1997and2001."
DefriesclaimsthathisownproblemsbeganinApril,2000whenRainer
Moser,ofSPIN/SPC,advisedhimof"anewIRSrulingunderwhichall
USequityholderswhowereUSresidentswouldberequiredtopayfull
withholdingtaxandpenalties".
"Moser said that the Swiss banking community had agreed to
cooperate with the IRS and disclose the US resident owners of all
Swissaccounts.
22/23
"ThedeadlineforsuchdisclosuresandpenaltieswasDecember2000.
SPIN advised Defries that reconstruction of the portfolio and the
necessary insurance protection in the form of a Deferred Variable
Annuitywouldhavetobeimplementedbeforethatdate.
"Theyinsistedthattheaccountmanagementbemadeentirelylocalat
SPIN, with no direction from Defries or the US. They specifically
describedinsuranceguidelinesandrestrictionsasrequiringacomplete
cutoutofanyUSdirection,management,orcontrol."
DefriesclaimsthatherelinquisheddirectcontrolofhisaccountinJuly,
2000andthat,byNovember,2000,hissecuritiesportfoliohadsuffered
lossesofapproximately$22million.
Much ofthelosswas incurred inthe stockofBookham Technology
PLC, whose shares are listed on the London Stock Exchange and
Nasdaq,statedDefries.
He said he made a profit of $15 million on an initial investment of
$500,000inBookhamin1999whenitconducted"averysuccessful"
IPOin2000.
"ThebulkofthisprofitwassubsequentlylostbyfailureofSPINtotake
required and requested action to protect the stock," he alleged, as
Bookham'ssharepricefellfrom$40to$12.
SPINfailedtoactonDefries'requestto"establishalimitstrategyfor
Bookhamtoprotecttheentirepositionat$35to$40".
DiesistnureinBeispielvonvielen,dieinderJuliusBaerGruppevorgekommensind.
Hier darf man der Julius Baer zu gute halten, dass sie den Kunden zumindest
gewarnthatte.
23/23
Der zweite Whistleblower Brief wird sich dem Thema Tax Ruling der Zrcher
Steuerbehrden und der Rolle, die eine bekannte Anwaltskanzlei an der
BahnhofstrasseindieserSachespielt,widmen
Der dritte Whistleblower Brief wird sich dem Thema Praktiken von einzelnen
ehemals existenten Fllen, handeln, um darzustellen auf welche Weise externe
VermgensverwalterOffshoreVehikelgebrauchen.
RudolfElmer,Februar2008