Wegelin To Pay $58M For Helping US Tax Cheats

Law360, New York (March 4, 2013, 8:39 PM EST) -- A federal judge on Monday ordered Swiss bank Wegelin & Co. to pay about $58 million for helping U.S. taxpayers hide their money, the first sentence for a foreign bank accused of aiding tax evasion.

Wegelin pled guilty in January to helping U.S.-based clients hide $1.5 billion in assets. U.S. District Judge Jed S. Rakoff imposed the bank's sentence at a hearing in Manhattan.

No foreign bank had been indicted, pled guilty or been sentenced before the Wegelin prosecution, according to prosecutors. The bank, Switzerland's oldest...
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