Wegelin plight reflects new reality for Swiss banks

Kim, Jim
April 2014
Fierce Finance IT;4/22/2014, p213
No abstract available.


Related Articles

  • Swiss Bank Pleads Guilty in U.S. Tax Probe.  // American Banker;1/ 4/2013, Vol. 177 Issue F301, p3 

    The article reports the Swiss bank Wegelin & Co. pleaded guilty in a New York federal court to helping Americans commit tax evasion and also notes there is a proposed plea agreement that needs Judge Jed Rakoff's approval.

  • B. Wegelin & Co. Ordered to Pay U.S. $58 Million in First-Ever Sentence of Foreign Bank. Zagaris, Bruce // International Enforcement Law Reporter;May2013, Vol. 29 Issue 5, p153 

    The article reports on the U.S. $58 million penalty imposed by Judge Jed S. Rakoff of U.S. District Court for Southern District of New York to Wegelin & Co. on March 4, 2013. It says that Wegelin was penalized due to conspiracy with taxpayers to hide from the U.S. Internal Revenue Service (IRS)...

  • Wegelin closure signals sea change for Swiss banks. WATSON, JONATHAN // IBA Global Insight;Feb/Mar2013, Vol. 67 Issue 1, p6 

    The article discusses the closure of Wegelin, Switzerland's oldest bank, after pleading guilty in a New York court of helping American clients avoid taxes and the impact on the Swiss banking industry. It recalls that in 2009 UBS evaded facing U.S. courts by admitting that it fostered tax...

  • The End of Secret Swiss Accounts?: The Impact of the U.S. Foreign Account Tax Compliance Act (FATCA) on Switzerland's Status as a Haven for Offshore Accounts. Song, Jane G. // Northwestern Journal of International Law & Business;Fall2015, Vol. 35 Issue 3, p687 

    The closing of Switzerland's oldest bank Wegelin in early 2013 was a symbolic moment for the Swiss banking industry. Add to Wegelin fourteen other Swiss banks under fire by the U.S. Department of Justice for aiding tax evasion, and Swiss banks no longer seem to be shrouded in a cloak of mystery....

  • Swiss Bank Indicted on U.S. Tax Charges.  // BSA/AML Update;3/1/2012, Vol. 8 Issue 5, p1 

    The article reports that Swiss private bank Wegelin & Co. has been indicted by the U.S. government for conspiring with U.S. taxpayers to hide from the Internal Revenue Service (IRS) more than 1.2 billion dollars in secret accounts. Preet Bharara, the U.S. Attorney for the Southern District of...

  • Magnifying Deterrence by Prosecuting Professionals. SCHUMACHER, SCOTT A. // Indiana Law Journal;Spring2014, Vol. 89 Issue 2, p511 

    This Article examines the recent series of criminal prosecutions against tax professionals and offshore bankers. These criminal cases, brought against the largest Swiss bank (UBS), the oldest Swiss bank (Wegelin), one of the largest accounting firms in the world (KPMG), as well as numerous...

  • Swiss Bank Advises Dump of U.S. Assets.  // American Banker;9/3/2009, Vol. 174 Issue 167, p16 

    The article discusses recommendations that the Swiss bank Wegelin & Co. is making to clients regarding their investments in U.S. companies. The bank is recommending that customers either switch banks or sell U.S. investments so that they will not have to pay U.S. taxes. Difficulties that banks...

  • Swiss Bank Pleads Guilty to Conspiracy to Evade U.S. Taxes. Zagaris, Bruce // International Enforcement Law Reporter;Mar2013, Vol. 29 Issue 3, p45 

    The article discusses a court case involving Swiss bank Wegelin & Co., which pleaded guilty for conspiracy to hide over $1.2 billion in secret accounts from the U.S. Internal Revenue Service (IRS). Managing partner Otto Bruderer appeared on behalf of the company to plead guilty before U.S....

  • Goodwin Procter client Wegelin closes down after US tax evasion case. Byrne, Matt // Lawyer (Online Edition);1/4/2013, p1 

    The article reports that the bank Wegelin & Co. will close after pleading guilty to tax law violations and to helping clients hide more than 1.2 billion dollars from the U.S. Internal Revenue Service for nearly a decade. The bank admitted this in the U.S. District Court in the Southern District...

  • B. U.S. District Court Authorizes John Doe Summons for UBS with Respect to Wegelin Correspondent Account. Zagaris, Bruce // International Enforcement Law Reporter;Apr2013, Vol. 29 Issue 4, p87 

    The article discusses the authorization of U.S. District Judge William H. Pauley III of the U.S. District Court for the Southern District of New York to the Internal Revenue Service to issue Joe Doe Summons for UBS AG regarding Wegelin Correspondent Account. It states that UBS AG need to produce...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics