A 66 year old retired real estate agent named only as Elmar S. was convicted in a one day trial of hiding millions of euros over five years via two Liechtenstein foundations.

To settle his tax tab Elmar was order by a Bochum court to pay a € 7.5 million fine, with € 1 million of that going to charity.

For the record, this is roughly the same amount that informant Heinrich Kieber was paid by the German government for the stolen customer records he purloined from former employer, LGT Bank.

That's one case down, hundreds more are expected. Germany has announced that 210 citizens are under investigation, conducted at least as many raids, brought cases against 350 and said that it is mulling over 400 more.

Already the announcement of the enforcement action has brought in € 110 million from tax delinquents.

You can argue with the tactics, but you can't argue with success.

-- MDT

Labels: Elmar S, Heinrich Kieber, LGT, Liechtenstein, tax evasion