Swiss bank busted for aiding tax cheats

Wegelin & Company, the oldest private bank in Switzerland, pleaded guilty in Federal District Court in Manhattan to charges it violated U.S. tax laws, The New York Times reports.

Representatives of the bank, founded in 1741, admitted the firm helped wealthy Americans evade taxes by hiding over a billion dollars in secret accounts.

“As part of the guilty plea, Wegelin agreed to pay $74 million in fines, restitution, and forfeiture proceeds to the United States government,” the report notes.

Also read:

HSBC sets aside $1.15 billion to cover laundering fines

“Death penalty” for UBS?

UBS agrees to $1.5-billion Libor fine

UK regulator fines UBS £29.7 million

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.