Swiss FBAR Violator Fails in Bid to Overturn $20 Million Penalty

A Swiss native lost his long-running effort to avoid about $20 million in penalties and interest for failing to report his overseas financial accounts to the IRS after a federal judge rejected his due process claim.

Isac Schwarzbaum, a naturalized US citizen who split his time among the US, Costa Rica, and Switzerland and held extensive wealth in Swiss and Costa Rican bank accounts, failed to convince Magistrate Judge Bruce E. Reinhart of the the US District Court for the Southern District of Florida to set aside an April 2025 judgment.

The court assessed $19.6 million in penalties for ...