Prosecutors Seek Prison Time for Wealthy Retired Tax ‘Scofflaw’

Prosecutors want between 24 and 30 months of prison time for a retired investment banker who admitted to using undisclosed foreign bank accounts to hide more than $5 million in income from the IRS.

“A probationary sentence would reward the defendant’s years of being a tax scofflaw and his ability to hide long enough to be able to proffer age and health as reasons not to go to prison,” prosecutors said in the sentencing memo filed Feb. 23 in the US District Court for the Southern District of New York.

Stephen Schechter, a US citizen and resident of Monaco, pleaded ...