Credit Suisse settle the criminal case to help the Americans avoid taxes

Credit Swiss AG services approved guilty on Monday and will pay about $ 511 million to settle a criminal case because of its conspiracy with the American wealthy Taxi To hide more than $ 4 billion in at least 475 accounts abroad, Ministry of Justice He said.

In addition to this subscription, UBS A subsidiary has also been concluded in an unlikely agreement with prosecutors regarding the US accounts that have been booked at Credit Suiss Ag Singapore.

Between 2014 and June 2023, Credit Suisse Ag Singapore made unannounced accounts for American people, which was known by Credit Suisse Ag Singapore or should have been known, with a total value of more than two billion dollars. Ministry of Justice He said.

The Ministry of Justice said that the Credit Suisse confessed to guilt allowed “individual clients with high networks and high number” from Swiss Financial Services Company to evade its US tax obligations from 2010 to 2021.

“When doing this, Credit Suisse Ag committed and violated new crimes May 2014 Acknowledgment Agreement With the United States.

In 2014, Credit Suisse acknowledged that he was guilty of helping taxpayers to hide external accounts from the Tax Authority, and paid $ 2.6 billion to settle the case. At that time it was the largest ever in a criminal tax case.

On Monday, the company acknowledged that it is guilty of one charge of conspiracy to help and help prepare tax declarations for the wrong income in The American Provincial Court in Alexandria, Virginia.

The Ministry of Justice said that Credit Suisse and UBS “are required to fully cooperate with continuous investigations and disclose any information that may later be revealed regarding accounts related to the United States.”

“The agreements do not provide any protection for any individuals,” the Ministry of Justice said.

The acknowledgment comes after more than two years yet Senate Finance Committee He said that the investigation conducted by the committee found that Credit Suisse was “complicit in the constant tax evasion by very wealthy Americans … including a previously unknown plot, continuous and perhaps criminal involves not disclosing nearly $ 100 million in secret external accounts belonging to one family of American taxpayers.”

Jeffrey Niman, the lawyer of Florida who represented the reporters in the case, said in a statement that his clients “discovered and revealed the continuous misconduct” of the company’s violation of the original declaration deal.

Niman said that his clients, all of whom are from Credit Suisse, for more than a decade, provided the Ministry of Justice, the Tax Authority and the Senate information information about the bank’s breach of the condensation agreement for the year 2014.

“In a major personal danger and a possible trial by the Swiss authorities, they presented the government
With detailed evidence: the names, social security numbers and passports for the United States’ account related to the United States
Niman said: Their holders have been hidden for decades.
Bankers, which allowed federal agents to act quickly and effectively. “

“For nearly a decade, the informants have waited for this moment,” he said. “Today, they feel
It was justified – to say the truth, to risk everything, and to stand on one of the world
The most powerful financial institutions. “

A shipping document submitted on Monday against Credit Suisse says it has forged banking records to hide the owners of the United States and control the accounts, and to document some American account owners as “non -American persons”, “fake paper processing, and maintaining more than 100 accounts that must be needed by the full amount of the full amount of after the post -tax account.

Among the detailed public verbs in the shipping document were Credit Suisse, allowing an American citizen and a former business professor at Rochester University named And horsky To keep controlling assets after changing the useful ownership of these assets to a relative was not American citizens, and other measures that Horsky allowed him to avoid paying taxes on assets.

Horski, whose federal prosecutors said his account abroad containing $ 200 million, in 2016 acknowledged that he was guilty of crimes related to tax, was. Heal To seven months in prison in 2017, a civil penalty of $ 100 million was paid.

The parent company Credit Suisse, Swiss Bank UBSIn a statement On Monday, he said that he “did not participate in the basic behavior and had no tolerance with tax evasion.” UBS acquired Credit Suisse in 2023.

“With this decision, UBS is pleased to solve another of the old Credit Suisse issues, in line with UBS’s intention to solve the old matters in a fair and balanced way and in the interest of all stakeholders,” the bank said.

“In the second quarter of 2025, UBS GROUP AG expects to recognize credit from the partial release of the emergency commitment that was created with the acquisition of Credit Suisse as part of the purchase allocation process,” the statement said. “UBS AG expects to register fees in the second quarter regarding this decision.”

“This settlement completely justifies the results of my investigations, which revealed how Credit Swiss continued to hide more than 700 million dollars abroad to the wealthy Americans who suffer from their deals to avoid prosecution,” Senator Ron Widen of Oregon, Democrats of the Senate Finance Committee, said in a statement on Monday.

“The wealthy Swiss bankers should not obtain a free permit to cook tax evasion abroad when the ordinary Americans pay their fair share,” Widan said.