Let’s summarize what happened here: The DOJ found a lot of ‘undeclared accounts’ owned by individuals and subject to U.S tax and maintained in foreign country that had not been reported to the individual account owner to the US government on an income tax return. In simple words: tax fraud from an number of undisclosed accounts.
Rothschild Bank AG submitted a letter to the Department of Justice’s Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks (aka, the Cabal), asking the Department of Justice, in effect, not to go public with anything that was going on. Rothschild Bank AG agrees to pay the sum of $11,510,000 as a ‘penalty’ to the DOJ in exchange for the DOJ’s silence about any ‘tax dealing’ that might be going on outside the law or bordering any illegalities. Continue reading George M. Nasif and The Rothschild documents