Two former Julius Baer private bankers pleaded not guilty on Tuesday to U.S. charges that they conspired to help U.S. taxpayers hide more than $600m in offshore accounts and evade paying taxes.
Reuters reports that Daniela Casadei and Fabio Frazzetto, former client advisors with the bank, entered their pleas in Manhattan federal court after voluntarily agreeing to face the charges. Both are Swiss citizens normally beyond the reach of U.S. extradition.
In the meantime, Bloomberg News reports that KKR & Co.’s top energy and infrastructure dealmaker, Marc Lipschultz, will leave the private equity firm after 21 years and start a credit fund with former Blackstone Group executive Doug Ostrover.
Lipschultz will leave KKR this month and join Ostrover, who left Blackstone last year, they said in an interview. Their new firm, Owl Rock Capital, will make loans to small and mid-sized companies across industries, as well as invest in their debt, which the pair see as an under-served market after regulations hampered banks’ lending activities.