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6h ago

Credit Suisse Services AG Pleads Guilty to Tax Evasion Scheme, Agrees to $511 Million Settlement

The Swiss entity admitted to aiding U.S. taxpayers in hiding over $4 billion offshore, breaching a 2014 plea deal, with UBS cooperating in ongoing investigations 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.
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.
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Overview

  • Credit Suisse Services AG has pleaded guilty to conspiring with U.S. taxpayers to conceal over $4 billion in at least 475 offshore accounts from 2010 to 2021.
  • The guilty plea confirms Credit Suisse AG's breach of its 2014 plea agreement with the U.S. Department of Justice by committing new offenses during this period.
  • The settlement includes a total payment of $510.6 million in penalties, restitution, forfeiture, and fines as part of the resolution with U.S. authorities.
  • UBS, which acquired Credit Suisse in 2023, disclosed undeclared accounts held in Credit Suisse AG Singapore and has committed to full cooperation with U.S. investigations.
  • The case highlights U.S. regulators' continued enforcement of accountability for financial crime through penalties, plea agreements, and cooperation requirements.