US tax evasion: Swiss bank pleads guilty; fined $2.6 bn

'Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes.'

By: Press Trust of India | Washington | Published:May 20, 2014 8:41 am
Swiss bank will pay a total of USD 1.8 billion in the form of a fine of over USD 1.13 billion (AP) Swiss bank will pay a total of USD 1.8 billion in the form of a fine of over USD 1.13 billion (AP)

Swiss banking giant Credit Suisse has pleaded guilty to the charges that it helped its American clients evade taxes and agreed to pay a penalty of USD 2.6 billion to avoid prosecution.

The Swiss bank plea follows a years-long investigation by US law enforcement authorities that also produced indictments of eight Credit Suisse executives since 2011; two of them have pleaded guilty so far.

“Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here,” US Attorney General Eric Holder said.

“This is the largest bank to plead guilty in 20 years. The bank will pay a total of USD 1.8 billion in the form of a fine of over USD 1.13 billion and nearly USD 670 million in restitution to the IRS.

“They have admitted criminal wrongdoing in a detailed Statement of Facts filed alongside the information in this case,” he said.

As part of the plea agreement, Credit Suisse acknowledged that for decades prior to and through 2009, it operated an illegal cross-border banking business that knowingly and willfully aided and assisted thousands of US clients in opening and maintaining undeclared accounts and concealing their offshore assets and income from the IRS.

“Credit Suisse’s guilty plea is just the latest effort by the department to slam the door shut on undeclared bank accounts, phony trusts and other foreign schemes used by US taxpayers to evade taxes,” said Deputy Attorney General Cole.

“We will continue to hold to account the bankers, the brokers and other professionals in Switzerland and around the world as well as the institutions that trained and directed them to use bank secrecy laws to protect US tax cheats,” he said.

In recent years, the US Department of Justice has taken public actions in India, Israel, Luxembourg, the Cayman Islands and several other Caribbean countries against American tax evaders.

“We are engaged in law enforcement actions around the world that are not yet public,” he said.

Credit Suisse employed a variety of means to assist US clients in concealing their undeclared accounts, including by assisting them in using sham entities to hide undeclared accounts; failing to maintain in the US records related to the accounts; destroying account records sent to the US for client review; and using bank’s managers and employees as unregistered investment advisers on undeclared accounts, according to the statement of facts filed with the plea agreement.

It also facilitated withdrawals of funds from the undeclared accounts by either providing hand-delivered cash in the US or using Credit Suisse’s correspondent bank accounts in America; structuring transfers of funds to evade currency transaction reporting requirements; and providing offshore credit and debit cards to repatriate funds in the undeclared accounts.

“The bank went to elaborate lengths to shield itself, its employees, and the tax cheats it served from accountability for their criminal actions.

“They subverted disclosure requirements, destroyed bank records, and concealed transactions involving undeclared accounts by limiting withdrawal amounts and using offshore credit and debit cards to repatriate funds,” Holder said.

“They failed to take even the most basic steps to ensure compliance with tax laws.

And when the bank finally began to feel pressure to correct illegal practices and comply with the law – as a result of the Justice Department’s investigation, of which they were notified in 2010 – Credit Suisse failed to retain key documents, allowed evidence to be lost or destroyed, and conducted a shamefully inadequate internal inquiry,” he said.

 

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  1. J
    jack jack
    Jan 22, 2015 at 7:11 pm
    Sods -----Law.Jan.---- 2015.For almost twodecades we have strived to get justice for the injustice we havesuffered at the hands of a world renowned bank--- PICTET & CIE.BANK.Two yorkshiremenboth running their own small family businesses trying to resolve theproblem by taking all the correct legal procedures to recover theirmonies.The matter wasraised in Parliament – twice-- the FSA investigated the matterconcluding that PICTET had rogues operating in their London Bank ---but the rogues had left ---saying no one left to prosecute.??? -----so there.We thenapproached the Financial Ombudsman Service. (FOS) --- our case wasdealt with by seven different people ---- then our numerous E-Mailswere ignored --- nobody would speak to us -------so there.We then asked theSFO ( Serious Fraud Office.) to investigate our case ---- thecriteria of our case ticked all their boxes. --- we were instructednot to send themanydoents/evidence.------ in fact they wrote to us advising us to goto the Citizen's Advice Bureau.(CAB.)Richard Aldermanthe SFO boss ---- who responded to our letter was the same man whowould not investigate the “ Madoff” scandal or the “Libor”fiasco.The MP'scommittee ---- said he was sloppy--- and the SFO was run like “Fred Karno's Circus” ----- it was an office of fraud.----- sothere.Our M.P.approached our local Chief Constable to investigate----- he wascalled---- Sir Norman Bettison--- Chief Constable of West YorkshirePolice ---- a force that made “ Dad's Army” look like the S.A.S.They were inept – corrupt ---malicious --- from top to bottom. Wewere criminally dealt with by the Forces Solicitor---- the Head ofthe Economic Crime Unit ----and the Chief Constable ----- so there.We were thenadvised to p our complaint against West Yorkshire Police to theI.P.C.C. – which we did --- they advised us to make our complaintto ---- the West Yorkshire Police --- we did with reluctance --- allwe got was abuse and obfuscation. ----- so there.Sir NormanBettison ---- The Forces solicitor--- and the Head of the EconomicCrime ---- have all been removed from their posts and facing criminalallegations.------ so there.We even soughtjustice through the Courts --- culminating in a visit to the Court ofAppeal-London.--- On leaving the Courts of Appeal that day ourbarrister a “rising star” informed us --- that if that wasBritish Justice then you can keep it. He quit the law and moved toCanada ----- so there.A few years laterwe learned that one of the judges ( Lord Justice.) in our case at theCourt of Appeal was related to a senior executive of the Pictet Bank-----so there.The Ministry ofJustice ped our case to Lord Myners to investigate --- we wouldrather have had Mickey Mouse or Donald Duck do it. --- to this day wedon't know---whether he didanything or not ---- probably not --- seeing that his wife was on thePictet Prix Board.Pictet & Cie.Bank --- voted private bank of the year 2013.Ivan Pictet ----Voted banker of the year 2012. ---- the senior partner --- lied onnumerous occasions and had doents destro --- also said genuinedoents were forgeries. ----- so there.Ivan Pictet inOct. 2013 ---- Given the Legion of Honour --- but saying that ----honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in ing company. ----so there.MONTYRAPHAEL.Q.C. -- Peters & Peters.London. They were the bankslawyers.MontyRaphael.Q.C. along with Ivan Pictet withheld crucial doentsrequested by the High Court ---- the FSA ---- and the police FraudSquad. ----so there.MontyRaphael.Q.C. became an Honorary Queens Counsellor in March. 2012.MontyRaphael.Q.C. became a Master of the Bench in Nov.2012.An expert inFraud ---the Doyen of Fraud Lawyers. ----- so there.This says a lotabout Banks --- and their lawyers --the consensus of opinion is thatthey are highly paid “crooks” ---- no wonder they voted IvanPictet banker of the year. --- and Monty Raphael a Queens Counsellor – “crime does pay”?It appears thatcrimes in the “establishment.” are honoured by their peers. “HONOURSAMONG THIEVES.”Full Story.----“google ”Insert.----- TheCrimes of ----- Pictet & Cie Bank. orinsertIvan Pictet/Monty Raphael Q.C.
    Reply
  2. J
    jack jack
    Jan 22, 2015 at 7:11 pm
    Sods -----Law.Jan.---- 2015.For almost twodecades we have strived to get justice for the injustice we havesuffered at the hands of a world renowned bank--- PICTET & CIE.BANK.Two yorkshiremenboth running their own small family businesses trying to resolve theproblem by taking all the correct legal procedures to recover theirmonies.The matter wasraised in Parliament – twice-- the FSA investigated the matterconcluding that PICTET had rogues operating in their London Bank ---but the rogues had left ---saying no one left to prosecute.??? -----so there.We thenapproached the Financial Ombudsman Service. (FOS) --- our case wasdealt with by seven different people ---- then our numerous E-Mailswere ignored --- nobody would speak to us -------so there.We then asked theSFO ( Serious Fraud Office.) to investigate our case ---- thecriteria of our case ticked all their boxes. --- we were instructednot to send themanydoents/evidence.------ in fact they wrote to us advising us to goto the Citizen's Advice Bureau.(CAB.)Richard Aldermanthe SFO boss ---- who responded to our letter was the same man whowould not investigate the “ Madoff” scandal or the “Libor”fiasco.The MP'scommittee ---- said he was sloppy--- and the SFO was run like “Fred Karno's Circus” ----- it was an office of fraud.----- sothere.Our M.P.approached our local Chief Constable to investigate----- he wascalled---- Sir Norman Bettison--- Chief Constable of West YorkshirePolice ---- a force that made “ Dad's Army” look like the S.A.S.They were inept – corrupt ---malicious --- from top to bottom. Wewere criminally dealt with by the Forces Solicitor---- the Head ofthe Economic Crime Unit ----and the Chief Constable ----- so there.We were thenadvised to p our complaint against West Yorkshire Police to theI.P.C.C. – which we did --- they advised us to make our complaintto ---- the West Yorkshire Police --- we did with reluctance --- allwe got was abuse and obfuscation. ----- so there.Sir NormanBettison ---- The Forces solicitor--- and the Head of the EconomicCrime ---- have all been removed from their posts and facing criminalallegations.------ so there.We even soughtjustice through the Courts --- culminating in a visit to the Court ofAppeal-London.--- On leaving the Courts of Appeal that day ourbarrister a “rising star” informed us --- that if that wasBritish Justice then you can keep it. He quit the law and moved toCanada ----- so there.A few years laterwe learned that one of the judges ( Lord Justice.) in our case at theCourt of Appeal was related to a senior executive of the Pictet Bank-----so there.The Ministry ofJustice ped our case to Lord Myners to investigate --- we wouldrather have had Mickey Mouse or Donald Duck do it. --- to this day wedon't know---whether he didanything or not ---- probably not --- seeing that his wife was on thePictet Prix Board.Pictet & Cie.Bank --- voted private bank of the year 2013.Ivan Pictet ----Voted banker of the year 2012. ---- the senior partner --- lied onnumerous occasions and had doents destro --- also said genuinedoents were forgeries. ----- so there.Ivan Pictet inOct. 2013 ---- Given the Legion of Honour --- but saying that ----honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in ing company. ----so there.MONTYRAPHAEL.Q.C. -- Peters & Peters.London. They were the bankslawyers.MontyRaphael.Q.C. along with Ivan Pictet withheld crucial doentsrequested by the High Court ---- the FSA ---- and the police FraudSquad. ----so there.MontyRaphael.Q.C. became an Honorary Queens Counsellor in March. 2012.MontyRaphael.Q.C. became a Master of the Bench in Nov.2012.An expert inFraud ---the Doyen of Fraud Lawyers. ----- so there.This says a lotabout Banks --- and their lawyers --the consensus of opinion is thatthey are highly paid “crooks” ---- no wonder they voted IvanPictet banker of the year. --- and Monty Raphael a Queens Counsellor – “crime does pay”?It appears thatcrimes in the “establishment.” are honoured by their peers. “HONOURSAMONG THIEVES.”Full Story.----“google ”Insert.----- TheCrimes of ----- Pictet & Cie Bank. orinsertIvan Pictet/Monty Raphael Q.C.
    Reply
  3. J
    jack jack
    Jan 22, 2015 at 7:11 pm
    Swiss BankAccounts. Jan.. 2015.Is your monies safein these accounts ---- definitely NOT.Would you get yourmoney back if every body decided to withdraw all their accounts –NO WAY.Economic Expertssay that there would only enough money to repay 50% of their clients.Are you going to bein the 50% --- that loose your money.-- Get it out NOW.2012 -- - June.-- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors weresent false and fraudulent doents by Pictet Bank.Switzerland. inorder to collect large fees. ( Like MADOFF) ---Even after the SEC inthe USA uncovered the fraud Pictet continued to charge fees and drainwhatever was left in these accounts. Estimated that $90,000,000million lost in this Pictet Ponzi scheme.2012 - - - July.-- De – Spiegel. -- states – Pictet Bank uses a letterboxcompany inPanamaand a tax loop involving investments in London to gainGermanmillionaires as clients.2012- - - August ---- German Opposition Leader accuses Swiss Banks of"organised crime."Allthe fines that crooked Swiss banks have incurred in the last fewyears exceeds £75.Billion.Itis also calculated that the secrecy " agreements" withregards to tax evation by their clients will cost the banks another£450 Billion.( paid out of your monies.)Thebanks are panicking --- the are quickly restructuring their banks---- from partnerships --to" LIMITED COMPANIES." ----- this will probably mean thatin the future --- they couldpayyou only 10% of your monies " if you are one of the lucky ones"---- and it be legal.Google---- The Crimes of ---- Pictet & Cie Bank.
    Reply
  4. J
    jack jack
    Jan 22, 2015 at 7:11 pm
    Swiss BankAccounts. Jan.. 2015.Is your monies safein these accounts ---- definitely NOT.Would you get yourmoney back if every body decided to withdraw all their accounts –NO WAY.Economic Expertssay that there would only enough money to repay 50% of their clients.Are you going to bein the 50% --- that loose your money.-- Get it out NOW.2012 -- - June.-- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors weresent false and fraudulent doents by Pictet Bank.Switzerland. inorder to collect large fees. ( Like MADOFF) ---Even after the SEC inthe USA uncovered the fraud Pictet continued to charge fees and drainwhatever was left in these accounts. Estimated that $90,000,000million lost in this Pictet Ponzi scheme.2012 - - - July.-- De – Spiegel. -- states – Pictet Bank uses a letterboxcompany inPanamaand a tax loop involving investments in London to gainGermanmillionaires as clients.2012- - - August ---- German Opposition Leader accuses Swiss Banks of"organised crime."Allthe fines that crooked Swiss banks have incurred in the last fewyears exceeds £75.Billion.Itis also calculated that the secrecy " agreements" withregards to tax evation by their clients will cost the banks another£450 Billion.( paid out of your monies.)Thebanks are panicking --- the are quickly restructuring their banks---- from partnerships --to" LIMITED COMPANIES." ----- this will probably mean thatin the future --- they couldpayyou only 10% of your monies " if you are one of the lucky ones"---- and it be legal.Google---- The Crimes of ---- Pictet & Cie Bank.
    Reply