Switzerland’s oldest bank, Wegelin & Co., has been sentenced and ordered to pay the U.S. government approximately $58 million for conspiring with its U.S. clients and others to evade income taxes in the first-ever such sentence for a foreign bank.
The Swiss private bank was sentenced Monday in a Manhattan federal court by U.S. District Judge Jed Rakoff. The bank had been charged with conspiring to hide approximately $1.5 billion in secret Swiss bank accounts held by U.S. customers, and the income generated in those accounts, from the Internal Revenue Service.
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