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….
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