Credit Suisse Guilty On US Felony Charge, Pays $2.6 Bn
Credit Suisse pleaded guilty and was fined $2.6 billion for helping Americans avoid taxes, the first time in 20 years a major bank has been punished on US criminal charges.
Via AFP:
Credit Suisse pleaded guilty and was fined $2.6 billion for helping Americans avoid taxes, the first time in 20 years a major bank has been punished on US criminal charges.
US authorities said the "brazen" Swiss bank, one of the world's largest wealth managers, helped thousands of rich people hide money in accounts under false names and in fake foundations for decades.
In one case, a wholly owned subsidiary of the bank had been used to hide money from US tax collectors for more than a century.
In a negotiated deal, Credit Suisse admitted guilt on one felony criminal charge of conspir...