SWISS banker Wegelin & Co has been accused of helping at least 100 US
clients conceal large sums of money from the federal tax collection agency in
overseas accounts and has now pleaded in a federal court in Manhattan, agreeing
to pay $20 million in restitution to the IRS, a $22 million fine and an
additional $15.8 million, representing the gross fees earned by the bank on the
undeclared accounts of US taxpayers between 2002 and 2011.
The
bank has become a haven for US taxpayers looking to cheat on taxes through
secret off-shore accounts engaging in unlawful conduct that deprives the US
Treasury of billions of dollars of tax revenue.
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