Swiss Bank Wegelin Now A Fugitive In $1B Tax Scheme Case

Law360, New York (February 10, 2012, 5:29 PM EST) -- Wegelin & Co., Switzerland's oldest bank, was declared a fugitive Friday in New York federal court for boycotting a hearing on charges that it conspired to hide $1.2 billion in assets from U.S. tax authorities.

The bank ignored a summons ordering it to appear before U.S. District Judge Jed S. Rakoff to answer criminal charges that it and several of its bankers had stashed money away from the U.S. Internal Revenue Service for American clients.

“They're a fugitive. That seems self-evident,” Judge Rakoff said. “Unlike an...
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