Statement on behalf of Edgar Paltzer

Aug 16, 2013, 14:46 ET from Duane Morris LLP

NEW YORK, Aug. 16, 2013 /PRNewswire-USNewswire/ -- In April 2013, Edgar Paltzer of Zurich Switzerland was indicted by a federal grand jury sitting in the Southern District of New York for engaging in a conspiracy, along with U.S. persons, to commit offenses that violated the United States Internal Revenue Code.

On Wednesday, August 14, 2013, Mr. Paltzer travelled voluntarily to the United States to accept responsibility for the charges contained in the indictment, said his attorney, Thomas W. Ostrander of Duane Morris LLP.

Mr. Paltzer, 57, appeared before Magistrate Judge Ronald Ellis in the Southern District of New York for a bail hearing and was released on a personal recognizance bond with no restrictions on his ability to return to Switzerland.

On Friday, August 16, 2013, Mr. Paltzer again appeared before Judge Ellis and, pursuant to a plea agreement, plead guilty to one count of engaging in a conspiracy with U.S. persons to commit various offenses under the United States Internal Revenue Code.

Mr. Paltzer is fully cooperating with the Department of Justice with respect to the matters set forth in the indictment.

After the hearing this morning Mr. Paltzer was not detained by U.S. authorities and he is returning to his home in Switzerland.

"This is an extraordinary sequence of events," said Mr. Ostrander of Duane Morris LLP.  "Mr. Paltzer has moved swiftly and cooperatively to resolve this matter with the Justice Department and the court, and has been appropriately treated with dignity and respect as he worked to make the resolution of the charges as expeditious as possible. He welcomes the rapid progress of the case."

The single offense to which Mr. Paltzer pled guilty involved the services he provided to U.S. persons as a financial intermediary.

Mr. Paltzer's family and friends expressed respect for his decision to accept responsibility for his conduct and to deal promptly and courageously with these charges.

"Edgar's conduct is an outstanding example of how to deal with adversity in an increasingly complex world," said Mr. Ostrander on their behalf.

Mr. Paltzer is looking forward to the complete resolution of this matter in the United States and resuming his private client practice in Switzerland.

SOURCE Duane Morris LLP