WASHINGTON (AP) — European bank Credit Suisse AG has pleaded guilty to helping wealthy Americans avoid paying taxes through secret offshore accounts and agreed to pay about $2.6 billion.
The Justice Department says it’s the largest penalty imposed in any criminal tax case. It is also the largest bank to plead guilty in more than 20 years.
The settlement resolves a lengthy criminal investigation into allegations that Credit Suisse, Switzerland’s second-largest bank, recruited U.S. clients to open Swiss accounts, helped them conceal the accounts from the Internal Revenue Service and enabled misconduct by bank employees.
Officials say a criminal charge was necessary to account for the bank’s pattern of misconduct, which included a lack of cooperation and document destruction. But the deal was structured in such a way as to allow the bank to continue operating.
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260-w-35-(Martin Di Caro, AP correspondent, with Deputy Attorney General Jim Cole and IRS Commissioner John Koskinen)–Law enforcement officials say they will continue to pursue any Americans who benefited from Credit Suisse AG’s illegal actions. AP correspondent Martin Di Caro reports. (19 May 2014)
< 259-w-30-(Martin Di Caro, AP correspondent, with U.S. Attorney General Eric Holder)–European bank Credit Suisse AG is pleading guilty to helping wealthy Americans avoid paying taxes through secret offshore accounts. AP correspondent Martin Di Caro reports. ((opens with sound)) (19 May 2014) < 248-a-09-(U.S. Attorney General Eric Holder, at news conference)-“has conducted itself”-Attorney General Eric Holder says the size or nationality of a bank does not shield it from prosecution. (19 May 2014) < 252-a-12-(IRS Commissioner John Koskinen (KAHS’-kih-nehn), at news conference)-“will treat accordingly”-IRS Commissioner John Koskinen says the Americans who cheated the IRS through overseas accounts should come forward now and disclose them. (19 May 2014) < 249-a-13-(U.S. Attorney General Eric Holder, at news conference)-“tolerate such activities”-Attorney General Eric Holder says the Justice Department is sending a message. (19 May 2014) < 251-a-08-(IRS Commissioner John Koskinen (KAHS’-kih-nehn), at news conference)-“voluntary disclosure program”-IRS Commissioner John Koskinen says his office will pursue the Americans whom Credit Suisse helped dodge taxes. (19 May 2014) < 253-a-11-(Deputy Attorney General Jim Cole, at news conference)-“specific account names”-Deputy Attorney General Jim Cole says the Justice Department is working with Credit Suisse to find the offshore accounts where wealthy Americans hid their money from the IRS. (19 May 2014) < 250-a-10-(U.S. Attorney General Eric Holder, at news conference)-“has happened here”-Attorney General Eric Holder says Credit Suisse AG committed a crime it could not get away with. (19 May 2014) < 254-a-09-(Deputy Attorney General Jim Cole, at news conference)-“of the accounts”-Deputy Attorney General Jim Cole says Credit Suisse is cooperating in the investigation to find the accounts of the individual Americans who cheated the IRS. (19 May 2014) < Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
