"Credit Suisse charged in tax evasion case" Associated Press May 20, 2014
WASHINGTON — The Justice Department on Monday charged Credit Suisse AG with helping wealthy Americans avoid paying taxes through offshore accounts. The bank, Switzerland’s second-largest, pleaded guilty and agreed to pay about $2.6 billion — the largest penalty imposed in any criminal tax case, according to US officials.
And no one goes to jail while this government casts about for any tax or fee it can foist upon the American people.
Credit Suisse ‘‘engaged in an extensive and wide-ranging conspiracy . . . to help tax cheats dodge US taxes,’’ Attorney General Eric Holder said.
Holder said bank employees destroyed files and obscured the trail of violations, even after being notified of an investigation in 2010, he said.
The settlement resolves a yearslong investigation into allegations the bank recruited US clients to open Swiss accounts and helped them conceal the accounts from the IRS. The case is part of an Obama administration crackdown on foreign banks that help hide assets.
The case follows a Senate subcommittee investigation that found the bank provided accounts in Switzerland for more than 22,000 US clients totaling $10 billion to $12 billion.
Credit Suisse chief executive Brady Dougan has said that senior executives were not aware some bankers were helping US customers evade taxes. More than a half-dozen former bankers have been charged. The case was filed in US court in Alexandria, Va.
In 2009, Switzerland’s largest bank, UBS, entered a deferred prosecution agreement in which it agreed to pay $780 million and turn over the names of thousands of suspected tax cheats.
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I'm sick of this $hit, sorry.
NEXT DAY UPDATE:
Report faults US, bank on tax evasion
Senate panel says Credit Suisse helped hide US assets
Been there, done that.
