November 21, 2014

Credit Suisse AG was sentenced today for conspiring to assist US taxpayers file false income tax returns the IRS. Credit Suisse pleaded guilty to conspiracy on May 19. The plea agreement, along with agreements made with state and federal agencies, provides that Credit Suisse will pay a total of approximately $2.6B: approximately $1.8B in a criminal fine and restitution, $100M to the Federal Reserve and $715M to the New York State Department of Financial Services. 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 U.S. clients in opening and maintaining undeclared accounts and concealing their offshore assets and income from the IRS. DOJ

Tagged in: Abusive Tax Shelters, Tax Fraud,