Swiss Bank Admits To Helping Americans Hide $1B From IRS

Law360, Los Angeles (January 3, 2013, 4:55 PM EST) -- Swiss bank Wegelin & Co. pled guilty Thursday in New York federal court to helping American taxpayers hide $1.2 billion from the U.S. government in offshore bank accounts.

Otto Bruderer, one of Wegelin’s managing partners, pled guilty on the bank’s behalf to one count of conspiracy for depositing its clients’ money in undeclared Swiss bank accounts so they could avoid paying taxes to the U.S. Internal Revenue Service, according to a statement by the U.S. Department of Justice.

Bruderer said “Wegelin was aware that this conduct...
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