FBAR Dodger to Pay $20 Million in Case That Caused Circuit Split

The federal government is poised for a $19.6 million judgment after six years of litigation with a wealthy Swiss native that resulted in a circuit split over the application of the Eighth Amendment.

The US and Isac Schwarzbaum entered a proposed final judgment in the US District Court for the Southern District of Florida that would mean Schwarzbaum pays all penalties and interest for failing to file foreign bank account reports, or FBAR, for 2007 to 2009. The case has been ongoing since 2018, with Schwarzbaum contesting the penalties until the Eleventh Circuit determined last year that the Eighth Amendment ...