Largest offshore tax fraud case alleging off shore accounts with $34 Million in trial against Caribbean medical school founder

Florida psychiatrist Patricia Hough, who helped to building two Caribbean medical schools is accused of using accounts at UBS AG, the largest Swiss bank and elsewhere to hide income from the IRS to the tune of $34 million according to tax authorities.  The case, pending in federal court in Fort Meyers is the largest in dollar value of any case to reach trial since the offshore crackdown by the IRS began.

Dr. Hough is accused of conspiring  to use secret Swiss accounts to hide the millions made when they sold the schools.

Prosecutors accused her of conspiring with Swiss financial adviser Beda Singenberger and UBS banker Dieter Luetoff to hide the moneys.

Equinox Capital, a private-equity firm based in Greenwich Connecticut brought the schools for $36 million in 2007.

The evidence also apparently includes information that Hough and her husband used the proceeds to buy and airplane, two houses in North Carolina and a condominium in Sarasota according to the indictment. Her husband vanished after the indictment and she is facing trial alone now. He has been declared a fugitive.

Jeffrey Newman represents whistleblowers