A New Jersey cancer researcher and professor has admitted to hiding more than $2.5 million dollars from the Internal Revenue Services in Swiss bank accounts, according to a Star-Ledger report.
Michael Reiss, MD, associate director of the Cancer Institute of New Jersey and professor of internal medicine at Robert Wood Johnson Medical School in New Brunswick, admitted that he failed to report his Swiss accounts over a 10-year period. He faces up to five years in prison and must pay $400,000 in back taxes along with a penalty of more than $1.2 million.
Mr. Reiss admitted that he used Swiss financial adviser Beda Singenberger to stash and hide his money. Mr. Singenberger was indicted last month on charges of conspiring with American clients to stash more than $184 million at various Swiss banks, according to the report.
Read the Star-Ledger report on Dr. Michael Reiss.
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