Ex-C Suisse banker avoids prison in tax case

Gavel

A former Credit Suisse banker and a Swiss trust firm founder who pleaded guilty were spared prison after helping the U.S. government build a $2.6bn criminal tax case against the bank.

Bloomberg News reports that Andreas Bachmann, the banker, and Josef Dorig got probation and fines at their sentencings Friday in federal court in Alexandria, Virginia.

The Swiss citizens pleaded guilty last year to conspiring to defraud the Internal Revenue Service by helping clients hide assets. Credit Suisse’s main bank unit paid its penalty after admitting in May it helped Americans evade taxes.

The $2.6bn penalty on Credit Suisse was the highest since the U.S. began targeting offshore tax evasion in 2008. A dozen Swiss banks still face criminal probes, and about 100 are seeking deals that they won’t be prosecuted by disclosing their wrongdoing and paying fines.

To access the complete Bloomberg News article hit the link below:

Ex-Credit Suisse Banker, Firm Owner Avoid Prison in Tax Case

ECB Nerves Fray on Greece as Supervisors Rile Central Bankers

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts