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.



Case Information

Case Title

USA v. Berlinka et al

Case Number



New York Southern

Nature of Suit

Date Filed

January 3, 2012

Law Firms


Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.