Russian National Indicted for Hiding Millions in Assets in Two Swiss Bank Accounts

April 10, 2014 — Tax fraud injures honest tax payers across America. The IRS Whistleblower Office was created in 2006 to give conscientious whistleblowers a way to notify the IRS about those who cheat on their taxes. Under the Tax Relief and Health Care Act of 2006, government collaborators may receive rewards of 15 to 30 percent of the amount the government recovers as a result of any tip.

Former President of U.S. Subsidiary of Russian Steel Giant Indicted on Tax Charges

Permanent U.S. residents must report income derived from any source on their tax returns, just as U.S. citizens must do. It doesn’t matter whether the income comes from inside or outside the United States.
So when Victor Lipukhin, a Russian citizen and former permanent U.S. resident, maintained somewhere between $4 million and $7 million in Swiss bank accounts without reporting the income to the IRS, he found himself in hot water. Lipukhin, who lived in St. Charles, Illinois from 2001 to 2007, was the former president of Severstal Inc. (USA), a subsidiary company to AO Severstal, Russia’s largest steel producer. Lipukhin has been indicted for filing false tax returns and attempting to interfere with the administration of American tax laws.
In 2002, Lipukhin and another individual are alleged to have opened a Swiss bank account at UBS AG in the name of a phony Bahamian entity, Old Orchard. When the other person left the account in 2003, Lipukhin became the sole owner. In addition, Lipukhin kept another Swiss account, this one in the name of a different, but still phony, Bahamian entity — Lone Star. Lipukhin engineered activity in the accounts through a Bahamian national, who made it easier for Lipukhin to hide his involvement. Lipukhin neglected to inform the IRS that he owned the accounts or to include on his tax returns the income earned in the accounts.
Lipukhin also has been indicted for interfering with the administration of Internal Revenue laws. When Lipukhin used cash to buy a new car, he reportedly tried to stop the dealer from filing the required Form 8300, used for certain cash transactions in excess of $10,000, with the IRS.

Waters & Kraus: Lawyers Helping Tax Fraud Whistleblowers

In tax fraud cases involving businesses, a reward may be paid regardless of the amount recovered. For cases against private individuals, like the one in this case, the rules are a little bit different. The whistleblower lawyers at Waters & Kraus can explain the nuances. With extensive experience combating fraud against the government, our qui tam lawyers are here to protect and advance your interests. To speak with a tax fraud whistleblower lawyer, email us or call 855.784.0268.

What are my chances?

That’s the first question everyone asks. The truth is it’s impossible to know. But we can tell you this. Waters Kraus Paul & Siegel has what it takes to fight against big corporate interests and win. That’s why we’ve taken more mesothelioma trials to verdict than any other firm. And that’s why we’ve recovered more than $1.3 billion for clients like you. Do you think you have a case? Contact us now to speak with an attorney.

Call 800.226.9880