Ridgefield Man Pleads Guilty to Hiding $8.4M in Undeclared Assets in Swiss Bank Accounts

A Ridgefield man who works as the CEO for a Manhattan company has pled guilty to according to a release from the U.S. Department of Justice.

George Landegger, 77, of Ridgefield, is the Chairman and CEO of an international pulp mill company. He is accused of maintaining the undeclared accounts at the Swiss Bank from early 2000 up until 2010. During this time, his undeclared assets reached a value of over $8.4 million.

Landegger pled guilty on Jan. 16, 2015, to willfully failing to file reports of foreign bank accounts. The United States Attorney for the Southern District of New York, Preet Bharara, and the Acting Special Agent-in-Charge of the New York Office of the Internal Revenue Service, Thomas E. Bishop, said that Landegger is alleged to have maintained and controlled accounts at a Swiss private bank headquartered in Zurich, Switzerland.

Manhattan U.S. Attorney Preet Bharara said, “As he admitted, George Landegger maintained secret Swiss bank accounts he repeatedly failed to declare to the IRS, and he took steps to conceal his ownership of the accounts. The benefits of citizenship or residency in the United States come with certain obligations, including, as George Landegger well knew, the legal requirement to report foreign bank accounts. He will now pay for his illegal conduct.”

IRS Acting Special Agent-in-Charge Thomas E. Bishop said, “The Internal Revenue Service has made uncovering hidden offshore accounts and income a top priority and, working with the Department of Justice, we continue to demonstrate our success in doing so. The prosecutions of individuals who decide to keep their foreign assets concealed and of those who advise and assist them serve as clear warnings to anyone who doubts the U.S. Government’s resolve.”

If convicted, Landegger faces a maximum sentence of five years in prison. As part of his plea, he has agreed to pay a civil penalty of over $4.2 million and back taxes of over $71,000, according to the U.S. Department ofJustic release.

He is scheduled to be sentenced on May 12, 2015.

More on Patch:

• Ridgefield Dad Accused in Son’s Hot Car Death is Due in Court Tuesday
• Ridgefield Doctor Admits Guilt in Insurance Scheme
• Ridgefield Residents: ‘Be a Hero, Save a Hero’ with Fire Safety Tips

Have a news tip? Email wendy.mitchell@ patch.com.

Sign up for our newsletter and breaking news alerts by filling out the form below.