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...
To view the full article, register now.

Related

Sections

Case Information

Case Title

USA v. Berlinka et al


Case Number

1:12-cr-00002

Court

New York Southern

Nature of Suit

Date Filed

January 3, 2012

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.