Exposing A Swiss Bank’s $2.8 Billion Fraud
“In 2014, Credit Suisse AG pleaded guilty to a massive conspiracy to aid, assist and conceal taxpayers filing false income tax returns related to hidden foreign bank accounts, and engaging in cross-border brokerage and investment advisory services without registering with the SEC. As part of the plea agreement, Credit Suisse acknowledged that it operated an illegal cross-border banking business for decades, and that the bank knowingly and willfully aided and assisted clients in opening and maintaining undeclared accounts. In addition, Credit Suisse paid $196 million to the SEC for violating federal securities laws by providing cross-border brokerage and investment advisory services without registering with the SEC. As part of the settlement, Credit Suisse agreed to identify hidden, recalcitrant accounts and provide testimony and information necessary to establish the location of documents and evidence related to the hidden accounts.
An anonymous whistleblower represented by Stein Mitchell provided significant information to government authorities to expose Credit Suisse’s practices for these hidden, undeclared and/or dormant accounts. Several federal agencies, including the IRS and SEC, guarantee to a whistleblower at least 15%, and up to 30%, of government collections in tax or securities cases.”