Credit Suisse Services AG pleaded guilty to conspiring with U.S. taxpayers to conceal more than $4 billion in offshore accounts, agreeing to pay more than $510 million in penalties, the U.S. Department of Justice (DOJ) announced on May 5.
The Swiss corporation also admitted to violating a previous 2014 plea agreement and entered into a separate non-prosecution agreement over related conduct in Singapore.
The plea stems from a multiyear investigation into Credit Suisse’s role in assisting ultra-high-net-worth and high-net-worth U.S. clients in hiding assets from the IRS, the DOJ announcement stated.
According to court documents, between 2010 and July 2021, Credit Suisse AG and its employees worked with U.S. customers and others to maintain undeclared offshore accounts, falsify records, and process fictitious documents—actions that the DOJ said enabled continued tax evasion and noncompliance with federal reporting laws….