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5d ago

Credit Suisse Pleads Guilty to $4 Billion Tax Evasion Scheme, Fined $510.6 Million

The bank admitted to breaching its 2014 plea agreement and conspiring with U.S. clients to conceal assets in offshore accounts, while UBS manages the fallout post-acquisition.

Alcatraz Federal Penitentiary, known as “The Rock,” former high-security prison and now visited by tourists as a museum in San Francisco Bay of California, on April 15, 2015.
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The logo of Swiss bank UBS is seen outside their branch in Bern, Switzerland May 9, 2016. REUTERS/Ruben Sprich
Credit Suisse merged with UBS in 2024.

Overview

  • Credit Suisse Services AG pled guilty to conspiring with U.S. clients to hide over $4 billion in at least 475 offshore accounts from 2010 to 2021.
  • The bank has been fined $510.6 million, covering penalties, restitution, forfeiture, and fines, as part of its resolution with the U.S. Department of Justice.
  • This guilty plea marks a violation of Credit Suisse's 2014 plea agreement, which had required compliance measures after a prior tax evasion case.
  • UBS, which acquired Credit Suisse in 2023, was not involved in the misconduct but is now tasked with managing the legal and financial repercussions.
  • The resolution includes a non-prosecution agreement requiring Credit Suisse and UBS to cooperate fully with ongoing investigations and disclose any future findings of U.S.-related accounts.