“Carl Zwerner, an 87-year old Florida man, must pay the US government a 150% penalty on the value of his Swiss bank account, amounting to the biggest penalty by percentage on record.  Zwerner testified, telling jurors that he tried to enter the IRS voluntary disclosure program, and that he didn’t know until 2008 that he must file FBARs. ‘Zwerner’s original tax returns for 2004 to 2007 didn’t report any income from the Swiss bank account,’ reads a US complaint filed in June 2013. ‘The first time he reported such income was when he amended those returns.’ He failed to declare interest on his foreign account. The account was opened in the 1960s, and was held in the name of two foundations.”

http://www.thedailybell.com/editorials/35372/Jeffrey-Berwick-US-Foreign-Wealth-Confiscation-Begins-Under-the-Code-Names-FinCen-FATCA-and-FBAR/

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