Between 2000 and 2012 Edgar Paltzer helped dozens of US taxpayers hide 'millions and millions of dollars in undeclared assets' in Swiss accounts, according to assistant US attorney Jason Cowley at the hearing. As well as pleading guilty, Mr Paltzer has agreed to pay restitution and to forfeit the fees he would have earnt. His co-operation is likely to see a potential five-year sentence reduced.
Mr Paltzer is now co-operating with the authorities who are investigating how banks and advisers helped American citizens hide their assets. Mr Paltzer's lawyer, Thomas Ostrander of Duane Morris, said, according to Business Week: 'His co-operation is complete and without any limitation…He very quickly made a decision to face these charges and come to the US.' He has licences to practice in Switzerland and New York. The case is US v Paltzer, 13-cr-00282 in US District Court, Southern District of New York (Manhattan).