Friday, January 4, 2013

Swiss Bank Pleads Guilty to U.S. Tax Law Violations


Fri., January 4, 2013
Switzerland's oldest private bank yesterday admitted to helping Americans evade U.S. taxes, the first time a foreign financial institution has pleaded guilty to tax law violations, the New York Times DealBook blog reported today. Representatives for Wegelin & Company, a Swiss bank founded in 1741, acknowledged that for nearly a decade the firm helped dozens of wealthy American customers dodge taxes by hiding more than $1.2 billion in secret accounts. As part of guilty plea, Wegelin agreed to pay $74 million in fines, restitution and forfeiture proceeds to the U.S. government. Although Wegelin ceases to exist as a business, the firm's partners sold its non-American client accounts last January to the Raiffeisen Group, an Austrian bank, just before its indictment.
For more, see coverage in the New York Times Dealbook:

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