Credit Suisse has pleaded guilty to aiding U.S. clients in evading taxes, according to federal prosecutors. The misconduct resulted in a $510 million fine paid by UBS, which acquired Credit Suisse after its financial collapse two years ago. Prosecutors revealed that Credit Suisse helped clients hide over $4 billion from the Internal Revenue Service through at least 475 undeclared accounts. The Singapore office was particularly noted for holding accounts for individuals who owed U.S. taxes. Bankers at Credit Suisse were accused of falsifying records, processing fake donations, and managing more than $1 billion in accounts without proper tax compliance. UBS had anticipated the fine and allocated funds accordingly. The Department of Justice investigation spanned several years, with ongoing cooperation from UBS in active investigations.
— new from The New York Times
