Wegelin to Pay U.S. $74 Million
Switzerland's oldest bank was ordered to pay a total of $74 million to the U.S. government in the first-ever criminal sentence for a foreign bank accused of violating U.S. tax laws.
The penalty came after the bank, Wegelin & Co., pleaded guilty in January to criminal conspiracy charges, admitting it turned a blind eye to tax evasion allegedly committed by its hundreds of American customers. Wegelin, which didn't have branches or offices in the U.S., believed it wouldn't be prosecuted by U.S. law enforcement, according to court documents.
The order, issued by U.S. District Judge Jed Rakoff on Monday, effectively ...
Wegelin to Pay U.S. $74 Million
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