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Friday, January 4, 2013

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

Per www.globalinsolvency.com:

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: http://dealbook.nytimes.com/2013/01/03/swiss-bank-pleads-guilty-to-tax-law-violations/?ref=business&pagewanted=print


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