Ex-C Suisse banker pleads guilty to tax evasion

A former Credit Suisse banker pleaded guilty to helping Americans evade taxes, admitting his role after spending the past five years as a fugitive.

Bloomberg News reports that Michele Bergantino, 48, was indicted with seven other people in 2011 on a charge that they helped U.S. clients hide $4bn in assets from the Internal Revenue Service.

Two others indicted with Bergantino - a former Credit Suisse banker and a Swiss trust firm founder - pleaded guilty and were sentenced last year to probation after helping the U.S. build a $2.6bn criminal tax case against the bank. Five defendants remain fugitives. Credit Suisse’s main bank unit pleaded guilty in 2014.

Bergantino, an Italian citizen who lives in Switzerland, faces as long as five years in prison when he is sentenced in federal court in Alexandria, Virginia. In pleading guilty to conspiracy, he admitted he oversaw a portfolio of accounts -- largely held by U.S. taxpayers on the West Coast - that grew to $700m in assets.

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

Ex-Credit Suisse Banker Pleads Guilty in Tax Evasion Case

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