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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access