The US Department of Justice has indicted Switzerland’s oldest private bank, Wegelin founded in 1741, with fraud and conspiracy for enabling US customers to hide at least $1.2 billion in deposits from US taxation. This is the first such prosecution in US history.
Wegelin, which operates only in Switzerland, used UBS AG (NYSE: UBS) as its correspondent bank. The US DoJ seized $16 million from UBS in a separate civil forfeiture case according to a report from Reuters.
There are 10 other banks being investigated by the DoJ on similar charges that threaten to strike down the long-held tradition of secrecy accorded to Swiss banks.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.