Connecticut Man Faces Prison Term for Hiding Income in Panama

Saul Hyatt, from Weston CT., pleaded guilty to one count of concealing over $1.5 million in income by using an undeclared bank account in Panama.

Hyatt registered a Panamanian Corporation, The Centennial Group, which bought and sold duty-free alcohol and tobacco products.  Both products were shipped to warehouses in the US and the profits, totaling $1,627,832 were wired to the account in Panama. Hyatt used some of the money to buy a Mercedes Benz SL 550R and pay for $19,000 in interior design and goods.

Federal law requires individuals to report any financial interest and account information and list the country the account is located in.  All income earned from foreign financial accounts that have a value of more than $10,000 must file with the Department of Treasury a Report of Foreign Bank and Financial Accounts (FBAR). Sentencing is scheduled for Jan. 6, 2017, where Hyatt faces a statutory maximum sentence of 5 years in prison.  He has agreed to file true and accurate tax returns to pay the IRS all taxes and penalties owed.  He will also pay a penalty for failure to disclose his foreign accounts in the amount of $854,465.

Contact our Attorneys today if you have a Foreign Bank Account.