New York Times: Panama Papers show how rich United States clients hid millions abroad


Panama City, Panama, home to the law firm Mossack Fonseca. A trove of the firm’s internal documents, known as the Panama Papers, have shaken the financial world. (Source: New York Times)

Over the years, William R. Ponsoldt had earned tens of millions of dollars building a string of successful companies.

Now, as he neared retirement, Mr. Ponsoldt, of Jensen Beach, had a special request for Mossack Fonseca, a Panama-based law firm well placed in the world of offshore finance: How could he confidentially shift his money into overseas bank accounts and use them to buy real estate and move funds to his children?

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