Swiss Asset Manager Ducks Tax Fraud Charges With $5M Deal

Law360, New York (August 15, 2017, 7:33 PM EDT) -- Swiss asset manager Prime Partners SA on Tuesday entered a deal in which the U.S. government agreed not to bring criminal charges for helping Americans dodge taxes after the firm opened its files on certain client accounts and agreed to pay $5 million.

The firm entered a nonprosecution agreement with the Manhattan U.S. Attorney's office. Prime Partners admitted to helping Americans dodge taxes between 2001 and 2009 by setting up “sham entities” to conceal assets for U.S. clients at Credit Suisse AG, UBS Switzerland AG and...
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