June
2017

Jeffrey P. Chernick

Jeffrey P. Chernick, a 70 year old New York toy magnate and UBS client, pleaded guilty to tax evasion for hiding $8 million in Swiss bank accounts.
Jeffrey P. Chernick
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Chernick admitted using the secret offshore accounts to hide sales commissions he was paid by Hong Kong and Chinese toy makers, thus avoiding U.S. income taxes, according to court papers.

Court records say Chernick went to extraordinary lengths to avoid detection, including hand-carrying checks drawn on the Swiss UBS account from Hong Kong to the United States and setting up a sham $700,000 loan between his Hong Kong company, Simba, and a second Hong Kong entity in order to repatriate funds into the United States to purchase property next to his home in New York.

He faces up to three years in prison and a fine of up to $250,000. He will also have to settle with the IRS on back taxes, penalties, and interest owed.

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Vile Quotes

"America does not have an aristocracy or a plutocracy."
Art Pope

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Vile Comments

I seriously doubt that if Michaele was indeed a socialite she’d be employed as a
receptionist, department store clerk or makeup artist… Paris Hilton she is not….
These two are posers who don’t pay their bills and are taking this reality/celebrity train
for all its worth…They are both idiots.

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