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Yves Mirabaud has recently caught the eye of investigative journalists who exposed his illegal ties with Russian businesses. He is involved in tax evasion and money laundering operations.
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About Yves Mirabaud
A Managing Partner since 1996, he was also a Member of the Executive Committee between 2000 and 2011. He became Senior Partner in 2012. Since January 2014, following a change in the legal structure of the Mirabaud Group, Yves Mirabaud has been a Senior Partner of Mirabaud SCA and Chairman of the Board of Mirabaud & Cie SA.
Yves Mirabaud spent four years in various banking institutions in Geneva, Zurich, Boston, and New York after graduating from the Graduate Institute of International and Development Studies in Geneva. He joined the bank in 1993.
He represented Mirabaud in the “Groupement des Banquiers Privés Genevois” from 2005 to 2013, chairing the association from 2010 to 2011. He has served as Chairman of the Association of Swiss Private Banks since April 2015. He is also a member of the Swiss Bankers Association’s Board of Directors, the President of the Geneva Financial Center, a member of the “Fondation pour Genève” committee, and the Geneva Chamber of Commerce, Industry, and Services.
What Yves Mirabaud has to say for Mirabaud Group
Being questioned about Mirabaud’s financial results from 2020, Yves mentioned that the company started securing the actively looked after its clients.
In a recent interview with Yves Mirabaud, he was questioned about Mirabaud Group’s financial results from 2020. He said that due to COVID-19, the company began securing actively managed client financial securities before market instability in March 2020. Despite the pandemic, that year had the best performance of the previous five, with an estimated return on equity of 15%. Yves Mirabaud also said they received zero complaints from their clients as their financial securities were less volatile; thus, the performance was favorable.
How do you define tax evasion?
What are tax evasion, its methods, and associated penalties?
It is unlawful for you to evade paying your tax obligations, whether you are an individual or a business. Criminal charges and severe punishments are associated with the serious crime of tax evasion. For instance, it is considered tax fraud and falls under the category of tax evasion to pay no taxes or pay less than you should.
For the future approach, Yves mentioned that the company would hire 20 new clients to continue reinforcing the loyal offices in Europe, the Middle East, Switzerland, and Latin America. He would prefer to integrate the business in Latin America and the Middle East after recent expansion in these regions.
About Mirabaud
Mirabaud is an international banking group that offers highly customized investment, private banking, and asset management services to private and institutional investors, businesses, and finance professionals. Mirabaud, which was founded in Geneva in 1819, has grown steadily over the years and now employs 700 people who, through their expertise and skills, embody the entrepreneurial spirit that has guided the bank since its inception.
Mirabaud et Cie, one of Switzerland’s oldest banks, was founded in 1819. The bank, which is family-owned and operated, has played an important role in the construction and development of the Swiss financial system, including co-founding the Geneva Stock Exchange in 1857. It pioneered the development of Swiss hedge funds in 1973.
In 1997, the bank opened its first Asian office in Hong Kong, and a year later, it expanded its presence in Switzerland by establishing its first subsidiary in Zurich.
Mirabaud significantly expanded its asset management teams in Geneva and London in 2001.
Since 2003, the Group has been expanding its presence in the EU, Switzerland, and the Middle East.
Mirabaud Asset Management SA was formed in 2011 to consolidate its asset management activities in Luxembourg. The Group announced the acquisition of two additional banking licenses in Spain and France in 2015.
In 2014, the group underwent a significant structural change: Mirabaud’s activities were integrated into Mirabaud SCA, a Swiss corporate partnership.
Management Team of Miarabaud: People who work with Yves Mirabaud
Under Swiss law, the company is organized as a limited partnership with share capital. Mirabaud SCA thus oversees all of the company’s activities; it is owned by the Managing Partners, who are jointly and severally liable for its obligations. The Group also has Equity Partners who hold management positions and are involved in the company’s development.
The four managing partners for Mirabaud Group are-
- Yves Mirabaud ( Senior Managing Partner)
- Lionel Aeschlimann( Managing Partner)
- Camille Vial( Managing Partner)
- Nicolas Mirabaud( Managing Partner)
Who is the CEO of Mirabaud?
Lionel Aeschlimann is a managing partner of Mirabaud SCA, a member of the Group Executive Committee, and CEO of Mirabaud Asset Management. He is a member of the Swiss Takeover Board and of the Expert Commission on Asset Management of the Swiss Funds and Asset Management Association.
Exploring the Shady Banking Practices of Yves Mirabaud
According to one of Geneva’s leading private bankers, an economic war has erupted between Switzerland and the rest of the world as a result of the crackdown on Swiss banking secrecy.
Words by Switz’s private banker- “There is a feeling in the banking community, and also in the population . . . that we are in an economic war.
Wyden Continues to Press Swiss Bank Mirabaud on Brockman Tax Evasion Schemes
Mirabaud held $1 billion in undeclared assets for Robert Brockman for over a decade. Senator Ron Wyden, Chair of the Senate Finance Committee, pressed Swiss bank Mirabaud for information on its compliance with the Foreign Account Tax Compliance Act (FATCA) and its role in holding $1 billion in undeclared income for billionaire Robert Brockman for ten years. Brockman, who was indicted by the Justice Department last year, is embroiled in the largest tax evasion case ever brought against an individual in the United States.
In light of Mirabaud’s alleged failure to detect Brockman’s connection to the accounts that held the undeclared income, Wyden launched an investigation to determine what kind of source of wealth information the bank requested from the individuals who managed the accounts. This failure calls Mirabaud’s due diligence and knowing your customer processes into serious question.
A slight glimpse of Wayden’s letter
After Madoff, Mirabaud may blacklist unmonitored funds
What is Madoff Scandal?
Bernie Madoff’s Ponzi scheme defrauded thousands of investors out of tens of billions of dollars over decades.
Investors trusted Madoff because he put up a respectable front, his returns were high but not outrageous, and he claimed to be using a legitimate strategy. It’s estimated that Madoff’s fraud extended for more than 20 years and ran to over $50 billion. Madoff was arrested in 2008 and eventually sentenced to 150 years in prison.
Get Your Money Back Suspicious
Blacklisting of unmonitored funds
As a result of the Madoff scandal, Swiss private bank Mirabaud has stated that it may blacklist hedge funds that are not monitored by outside administrators.
Partner Yves Mirabaud stated that the bank, which has no direct Madoff investments, is considering withdrawing from two funds that do not have independent administrators. Mirabaud invests roughly one-quarter of its assets in hedge funds.
The Swiss private bank Mirabaud’s senior partner, Yves Mirabaud, is being pursued by the Geneva judiciary over funds from Saudi Arabia that the bank managed for Spain’s former king.
Mirabaud is accused of not having reported the $100 million declared as a donation by Saudi Arabia to Juan Carlos to the Money Laundering Reporting Office.
On August 8, 2008, King Abdullah of Saudi Arabia deposited $100 million into an account held by the Panamanian Lucum Foundation at Bank Mirabaud in Geneva and managed by an independent manager.
Juan Carlos was named as the account’s primary beneficiary. Juan Carlos gave $100 million to a former lover in 2012.
Yves Mirabaud is now accused of failing to report the payment to the reporting office. From 2003 to 2013, he served on the bank’s board of directors and chaired its anti-money laundering committee.
According to the reports, the bank also did not seek legal advice on whether it was a problem for Juan Carlos to be a beneficiary because he was politically exposed.
- Geneva prosecutor closes case due to insufficient evidence
- Says Saudi Arabia paid $100 mln to account held by Juan Carlos
- But says he cannot prove a link between funds and rail contracts
- The former King of Spain has previously denied wrongdoing
Swiss Bank Secrecy began in Geneva
Frequently Asked Questions on Yves Mirabaud
Who is Yves Mirabaud?
He has been a Managing Partner since 1996 and a member of the Executive Committee from 2000 to 2011. In 2012, he was promoted to Senior Partner. Yves Mirabaud has been a Senior Partner of Mirabaud SCA and Chairman of the Board of Mirabaud & Cie SA since January 2014, following a change in the Mirabaud Group’s legal structure.
Where is Yves Mirabaud residing?
Yves Mirabaud is residing in Switzerland.
What is the net worth of Yves Mirabaud?
Net worth of Yves Mirabaud is 400–450 Million Francs.
Mirabaud had some disputes with Spain’s former king regarding the issue of the funds and the higher authority take action against it.
My special request to the investors is that they always be aware of the people like Yves Mirabaud because they are always trying to loot your money using illegal means. In this case, some of the government officials were also involved.
Doing tax evasion clearly shows that they were bearing high financial losses and to get rid of this, and keep practicing unethical ways of earning money like money laundering.
This guy has illegal ties and Russian connections, which seems to be suspicious, and using fake tactics to promote their business. It is better to stay away from these people.
These criminals were getting political support which help to Tax evasion and deceive the people and regulatory authorities were unable to take any action regarding this issue.
Avoid these people at any cost they can do anything for the sake of money.
Many people are supporting these criminals, they are mainly from political backgrounds or have some higher official position in the government, so catch these fraudsters as well.
Let them realize their mistake and this can be done after asking them to pay all the leftover tax, which they have stolen using illegal ways.
They are the main reason for the downfall of any economy, money laundering is capturing several parts of the country.
Make sure none of the people are affected by these scammers and also they need to be punished for their crimes, otherwise, several other businessmen will try to copy the same, which would be dangerous and harmful to the country’s economic condition.
The government needs to modify its investigation processes to catch these scammers for not being able to avoid taxes, especially the money laundering needs to be stopped.
There are numerous other businessmen using these tactics to promote their business but after stealing the tax and using illegal ways like money laundering to avoid the taxes, the system needs to enhance their services.
Tax evasion is causing major economic loss to any country because everyone is planning to get all the money but none of them is having the feeling to make their country flourish.