Wegelin & Co., Switzerland's oldest private bank, may pay US authorities as much as US$74 million after pleading guilty to helping American taxpayers hide assets from the Internal Revenue Service.
Otto Bruderer, a managing partner at the St. Gallen-based bank, entered the plea on Jan 3 to one count of conspiracy in Manhattan federal court. Wegelin in February became the first Swiss lender indicted in a crackdown on offshore firms suspected of helping Americans evade taxes.
From about 2002 through about 2010, Wegelin agreed with certain US taxpayers to evade the US tax obligations of these US taxpayer clients, who filed false tax returns with the IRS, Bruderer, reading from a statement, told US District Judge Jed S. Rakoff.
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