Credit Suisse Fined $511M in US Tax Evasion Case
Credit Suisse Services AG has agreed to pay nearly $511 million in penalties to settle a U.S. criminal case accusing the Swiss bank of helping wealthy American clients evade taxes by hiding more than $4 billion in offshore accounts for over a decade. The bank pleaded guilty to conspiring to defraud the Internal Revenue Service (IRS) by concealing assets in at least 475 accounts from 2010 to 2021, according to a statement from the U.S. Department of Justice (DOJ) on Monday. The investigation, launched in 2023, found that Credit Suisse facilitated efforts by U.S. clients to hide their ownership and…