Credit Suisse charged in tax evasion case

[TexasTowelie]

Last edited Mon May 19, 2014, 06:18 PM - Edit history (1)

Source: AP

WASHINGTON -- The Justice Department has charged Credit Suisse AG with helping wealthy Americans avoid paying taxes through offshore accounts, and a person familiar with the matter says the European bank has agreed to pay about $2.6 billion in penalties.

The charge was filed Monday in a criminal information, which is a charging document that can only be filed with a defendant's consent and which typically signals a guilty plea.

The person spoke on condition of anonymity because the guilty plea had not yet been announced.

The penalty resolves a years-long criminal investigation into allegations that the bank recruited U.S. clients to open Swiss accounts, helped them conceal the accounts from the Internal Revenue Service and enabled misconduct by bank employees.


Read more: http://www.dallasnews.com/business/business-headlines/20140519-credit-suisse-charged-in-tax-evasion-case.ece

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ETA: More details at http://www.usatoday.com/story/money/business/2014/05/19/credit-suisse-justice-department-settlement/8763247/ .

[valerief]

1. I wonder if the Wealthies will have to pay their taxes. Probably not. nt

[onehandle]

2. Crooked Swiss Bankers!?

Say it ain't so!

[rdking647]

3. this could be huge

technically the state of NY could revoke their banking license (although it wont happen in this case)
more importantly it calls into question whether other banks can continue to deal with what is now an admitted "rogue bank". continuing to dealt with them could open a bank up to charges of breach of fiduciary duty.

in addition another large bank,BNP paribas from france is expected to plead guilty in the coming weeks to the same thing and face an even bigger fine

I'd like to see one of these banks killed off. that would put the fear of god in teh rest and maybe they will straighten up

[quakerboy]

4. Makes one wonder

If they are willing to pay 2.6 billion to get away with what they did, how much money did they make from what they did?

[TexasTowelie]

5. They didn't make a darn penny,

they just did it from the goodness of their hearts.