Underground Wealth Uncovered: How a Florida Woman and Her Family Conspired to Hide Millions from the IRS
- Financial Shell Game: A complex network of offshore accounts spanning Switzerland, Israel, Andorra, and Panama helped shield over $90 million from U.S. tax authorities for more than a decade.
- Deception by Design: The accused, a dual U.S.-Colombian citizen, falsified documents, misrepresented her residency, and filed fraudulent tax returns to keep the IRS at bay.
- High-Stakes Consequences: Facing a potential five-year prison sentence, significant financial penalties, and restitution, this case underscores the Justice Department’s intensified crackdown on offshore tax evasion.
By Samuel Lopez – USA Herald
In a case that reads like a financial thriller, Florida resident Gilda Rosenberg has admitted to orchestrating a decade-long tax evasion scheme that concealed more than $90 million in offshore accounts. The intricate operation, involving her family members and multiple financial institutions across the globe, was designed to keep millions beyond the reach of U.S. tax authorities.
Rosenberg, a dual citizen of the U.S. and Colombia, pleaded guilty to conspiring to defraud the United States by failing to disclose foreign bank accounts, filing false tax returns, and dodging tax obligations. Her actions spanned from 2010 to 2022, involving the strategic movement of assets across jurisdictions known for banking secrecy.
Court records reveal that the Rosenberg family’s use of offshore accounts dates back to the 1970s. By the late 1990s, Gilda Rosenberg was an authorized account holder who understood that her family had not disclosed their foreign financial assets to the U.S. government. Despite clear reporting requirements, the family deliberately hid their wealth, avoiding tax liabilities for years.
In the early 2000s, the family consolidated assets at Credit Suisse in Switzerland and the United Kingdom. According to prosecutors, they explicitly informed bank representatives that they were U.S. persons seeking to avoid detection by American tax authorities. When Credit Suisse shuttered these accounts in 2013 due to heightened scrutiny of U.S. clients, Rosenberg and her relatives swiftly relocated their funds to new accounts at Bank Leumi (Israel), Union Bancaire Privée (Switzerland), PKB Privat Bank SA (Switzerland), and an Andorran bank.
To further obscure ownership, the assets were placed under nominee entities, allowing Rosenberg to continue reaping the financial benefits without leaving a traceable footprint.
As part of the cover-up, Rosenberg and her family failed to file mandatory Reports of Foreign Bank and Financial Accounts (FBARs), omitting any mention of these offshore holdings. Additionally, Rosenberg falsified tax returns, failing to report over $5.5 million in income between 2010 and 2017. The IRS estimates that her actions led to a tax loss exceeding $1.9 million.
One of the most deceptive elements of the scheme was a 2017 effort to restructure the family’s wealth. Prosecutors say the family fabricated the appearance of “gifting” their offshore assets to a relative who had renounced U.S. citizenship. This maneuver was intended to create plausible deniability while allowing Rosenberg to continue accessing the money.
To facilitate illicit transfers into the United States, Rosenberg and her family also concocted false loan and investment agreements, disguising the movement of funds as legitimate business dealings.
Facing a maximum sentence of five years in federal prison, Rosenberg will learn her fate at a sentencing hearing scheduled for May 30. Alongside potential incarceration, she will be required to pay restitution, penalties, and face further financial consequences.
The case is part of the IRS Criminal Investigation division’s broader initiative to combat offshore tax evasion. The Justice Department, working alongside international tax enforcement agencies, has increasingly focused on high-net-worth individuals who exploit foreign banking systems to dodge U.S. tax laws.
Rosenberg’s legal troubles do not end here. She had previously pleaded guilty in the Eastern District of Texas to conspiracy to commit wire fraud in a separate case involving the Army and Air Force Exchange Service (AAFES). That case involved falsified reports to avoid paying contractual commissions.
