![]() ![]() banks ignited fears of a broader contagion that sent shares of Switzerland's second-largest bank tumbling as customers withdrew their money. The Swiss government pressed for a $3.25 billion takeover of long-troubled Credit Suisse by its rival bank UBS this month amid turmoil in the global financial system. "This investigation shows Credit Suisse did not make good on that promise, and the bank's pending acquisition does not wipe the slate clean," he said. Ron Wyden, the Democratic chairman of the committee. "Credit Suisse got a discount on the penalty it faced in 2014 for enabling tax evasion because bank executives swore up and down they'd get out of the business of defrauding the United States," said Sen. Its findings show that more than $700 million was concealed in violation of the bank's 9-year-old plea deal with the U.S. businessman hide more than $220 million in offshore accounts from the Internal Revenue Service.Ĭredit Suisse revealed it had found 23 accounts, each worth more than $20 million, that were not declared to tax authorities many of them were unveiled just days before the report was released, the committee said. The committee also said Credit Suisse helped a U.S. Senate Finance Committee pointed to an ongoing, possibly criminal conspiracy tied to nearly $100 million in secret offshore accounts belonging to a family of American taxpayers the bank failed to disclose. ![]() lawmakers said Wednesday that Credit Suisse has kept allowing wealthy Americans to dodge tax payments, finding after a two-year investigation that the Swiss bank violated a 2014 plea agreement over allowing tax evasion by its clients.
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