Credit Suisse guilty on US felony charge, fined $3.25b
Published on May 20, 2014 7:13 AM
WASHINGTON (AFP) - Credit Suisse admitted guilt on Monday to one criminal charge of aiding Americans avoid taxes, the first time the United States has extracted a guilty plea from a major bank in two decades.
The Swiss bank was hit with US$2.6 billion (S$3.25 billion) in fines in the years-long probe into banks making a business out of helping their clients evade US taxes.
"This case shows that no financial institution, no matter its size or global reach, is above the law," US Attorney General Eric Holder said.
"When a bank engages in misconduct that is this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here." The single felony charge filed in the federal district court in Alexandria, Virginia said Credit Suisse "did unlawfully, voluntarily, intentionally, and knowingly conspire" to help US citizens prepare and file false income tax returns.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!