Former Credit Suisse employees collectively stand to make up to $150 million for telling U.S. authorities the bank wasn’t living up to a 2014 promise to stop helping Americans evade tax https://t.co/MbL1mnqMu1
Economy | Credit Suisse Services to pay $511 million in tax fraud case https://t.co/881X4FA38N
🚨MARKETS: UBS Will Now Pay $511M To End Shady Investigation https://t.co/rFg45HktDj
Credit Suisse Services AG has agreed to pay more than $510 million to resolve a federal tax fraud investigation in which the company admitted to helping clients hide over $4 billion from the Internal Revenue Service through hundreds of offshore accounts. This settlement follows a prior plea agreement related to similar misconduct. Former Credit Suisse employees who cooperated with U.S. authorities by revealing that the bank failed to comply with a 2014 commitment to cease assisting Americans in tax evasion stand to receive up to $150 million collectively. The case highlights ongoing scrutiny of Credit Suisse's role in facilitating tax avoidance by ultra-wealthy clients.
