New York Man Must Pay $6 Million for Not Reporting Swiss Account

A New York man must pay more than $6 million in penalties for failing to timely report his interest in two Swiss bank accounts, according to a federal court order.

The Wednesday decision enforced Walter Schik’s agreement with the government over the penalties for failing to report his interest in the accounts at Union Bank of Switzerland in 2007. The failure ran afoul of the Bank Secrecy Act and related regulations, which require US persons with more than $10,000 in foreign bank and financial accounts to file annual reports known as FBARs.

The government sued Schik in 2020, alleging ...