Credit Suisse Fined $510 Million for $4 Billion Tax Evasion Scheme
Credit Suisse Services pleaded guilty to conspiring to help wealthy US taxpayers evade taxes via undeclared offshore accounts, resulting in a $510 million fine. This involved falsifying records and processing undocumented transactions totaling over $1 billion, representing a breach of a prior 2014 plea agreement with the US government. The scheme concealed over $4 billion from the IRS across at least 475 accounts primarily held in Singapore. The guilty plea follows a 2023 Senate Finance Committee report finding continued tax evasion assistance after the 2014 settlement. As part of the agreement, Credit Suisse Services and its acquirer, UBS, will fully cooperate with ongoing investigations.
John Q. Hosedrinker