Credit Suisse Services AG will pay almost $ 511 million after declaring guilty in a criminal case to have conspired with American rich taxpayers to hide more than $ 4 billion in at least 475 offshore accounts, the Department of Justice.
In addition to that plea, the UBS The subsidiary also concluded a non -quality agreement with prosecutors in relation to US accounts who were reserved in Credit Suisse Ag Singapore.
“Between 2014 and June 2023, Credit Suisse Ag Singapore had unstalled accounts for American people, that Credit Suisse Ag Singapore knew or should have known that they were us, with total assets valued at more than $ 2 billion,” said the Department of Justice.
The criminal conspiracy of what Credit Suisse admitted allowed “individual ultra -height clients of the network and high level” of the Swiss Financial Services Corporation to evade their fiscal obligations from the United States from 2010 to 2021, according to the DOJ.
“In doing so, Credit Suisse AG committed new crimes and breached its agreement of May 2014 with the United States,” the department said.
Credit Suisse in 2014 declared himself guilty of helping American taxpayers to hide IRS offshore accounts, and paid $ 2.6 billion to resolve the case. At that time, it was the largest payment in a case of criminal taxes.
The firm declared himself guilty on Monday of a conspiracy charge to help and help in the preparation of fake income tax declarations in the United States District Court in Alexandria, Virginia.
The tax loss of the accounts to the United States yielded in the case was more than $ 71 million, and the associated income of Credit Suisse of the accounts demanded $ 108.6 million, according to a judicial presentation.
The Department of Justice said that, by virtue of a PLAEA agreement, Credit suisse and UBS “must” investigate and affirmatively disable any information that can later discover with respect to accounts related to the United States. “
“The agreements do not provide protections for any person,” said the Department of Justice.
The plea occurs more than two years after an investigation of the Senate Finance Committee concluded that Credit Suisse had been “congratulations on the Americans of rich in Ontra … including a previously unknown division, which is carried out and potentially $ 100 million in secret accounts on high sea belongs to a single family of US taxpayers,” said the committee.
Jeffrey Neiman, a Florida lawyer who represented the complainants in the case, in a statement on Monday, said that their clients “discovered and exposed this continuous behavior” of the violation of the company of the original Pleea agreement.
Neiman said that his clients, all the old bankers of Credit Suisse, for more than a decade had provided the Department of Justice, IRS and the Senate with information about the breach of the Bank of its 2014 Pleea Agreement.
“At great personal risk and in the potential prosecution by the Swiss authorities, the government produced
With detailed evidence: names, social security numbers and passports or account linked to the United States
Headlines whose assets had been hidden for decades, “said Neiman.
“Internal documents lit, including account states and emails, and even shared intelligence on the movement and trip of the bankers, which allowed federal agents to act quickly and effectively.”
“For almost a decade, complainants have waited for this moment,” he said.
“Today, they feel claimed, to tell the truth, to risk everything and to face one of the most powerful financial institutions in the world.”
A collection document presented on Monday against Credit suisse says that he falsified the bank records to hide the owners of the United States and the control of the accounts, documented certain owners of US accounts “as non -American persons,” fictitious processed, fictitious documents, maintain more than 100 accounts in the hands of a Swiss lawyer or enable the benefit of indexed customers ” Millions of accounts for the value of the United States without collection of the transmission taxes of the reports of the annual employee transmission.
Among the open acts detailed in that accusation document were Credit Suisse, which allowed an American citizen and former commercial professor at Rochester called Dan Horsky to retain the control of assets after changing the beneficial property of those assets to a relative who was not US citizens, and other actions that allowed Horsky to avoid paying taxes on activities.
Horsky, that federal prosecutors said that his account abroad that contained $ 200 million, in 2016 he declared himself guilty of tax -related crimes, was sentenced to seven months in prison in 2017 and paid a civil fine of $ 100 million.
The matrix company of Credit Suisse, UBS, in a statement on Monday, said that “it was not involved in the underlying behavior and has zero tolerance for tax evasion.” UBS acquired Credit Suisse in 2023.
“With this resolution, UBS is pleased to have solved other problems inherited from Credit Suisse, in line with the intention of UBS to solve inherited issues to the rhythm in a fair and balanced way and in the best interest of all its interested parties,” the bank said.
“In the second quarter of 2025, UBS Group AG hopes to recognize a loan in the partial liberation of the contingent responsibility established with the acquisition of Credit Suisse as part of the purchase price allocation process,” the statement said. “UBS AG hopes to register a position in the second quarter in relation to this resolution.”
Senator Ron Wyden of Oregon, the Classification Democrat in the Finance Committee, in a statement, said: “This agreement completely claims the findings of my investigation, which presented how Credit Suisse continued to hide more than $ 700 million for rich Americans”
“Ultra rich and shaded Swiss bankers if a free pass for cooking tax evasion schemes when regular Americans pay their fair part,” Wyden said.
