Americans Who Learned Monaco Laws Apply to Them
Spectacular failures in judgment by Americans in Monaco
To the California tech executive who deposited $12 million in Monaco accounts without reporting on FBAR, believing Monaco's "privacy culture" meant the IRS couldn't find him. FATCA had other plans. Civil penalties: $4.2 million. Criminal referral pending.
To the New York fund manager who told associates that his social connections in Monaco meant rules didn't apply. Convicted of securities fraud with €8.5 million (~$9.2M USD) in restitution and 3 years imprisonment. The Prince did not intervene.
To the Florida businessman who assured investors his Monaco-based scheme was legal because "Monaco doesn't regulate this." Monaco's financial regulator disagreed. Company dissolved, €15 million (~$16.2M USD) frozen, extradited to face US charges.
To the Texas oil heir who relied on advice that residency couldn't be revoked for "lifestyle issues." After a series of public incidents involving controlled substances and altercations, Monaco quietly declined to renew his Carte de Séjour. His €25 million (~$27M USD) penthouse sits empty.
To the crypto entrepreneur who genuinely believed that because Monaco has no income tax, his US tax obligations disappeared. Filed no returns for 4 years. IRS assessed $3.8 million plus penalties. Currently negotiating from his (now sold) Monaco apartment.