Tuesday, March 5, 2013

Look Who Was Ordered To Pay Just $57.85 Million (After Admitting To Aiding Tax Evasion)

A U.S. court on Monday sentenced Wegelin & Co, the oldest Swiss private bank, to pay $57.85 million after it admitted to helping wealthy Americans evade taxes.  The sum ordered by U.S. District Judge Jed Rakoff in New York was on top of $16.3 million in forfeitures already obtained by authorities after the federal government accused Wegelin of conspiring to assist U.S. taxpayers hide $1.2 billion in secret Swiss bank accounts. The judge questioned whether the size of the settlement appropriately reflected the extent of wrongdoing that the government alleged.

The bank, which sold off most of its business during the investigation and is now planning to close, pleaded guilty to conspiracy in January….


No comments:

Post a Comment