Unfortunately, after being intimidated, Credit Suisse pleads guilty in tax evasion probe

Credit Suisse pleaded guilty to helping Americans cheat on their taxes, making it the first bank in more than a decade to admit to a crime in a US courtroom and marking the end of a three-year probe of the Swiss firm.

Unfortunately, after being intimidated, Credit Suisse pleads guilty in tax evasion probe 20140227074102772828-620x349

Unfortunately, after being intimidated, Credit Suisse pleads guilty in tax evasion probe 20140227074102772828-620x349

The plea also signals a tougher posture by the Justice Department, which has faced criticism that it avoided pursuing large banks after the 2008 financial crisis because of the potential economic fallout.

The US Justice Department said that Credit Suisse has reached an agreement to pay $US2.5 billion ($US2.7 billion) to resolve the case, a person familiar with the matter has said. The penalty includes a $US715 million payment to New York's Department of Financial Services, a person with knowledge of the matter said. The state banking regulator also called for the termination of certain employees and an independent monitor, the person said.

Credit Suisse is the bank subsidiary of the ultimate parent, Credit Suisse Group. Credit Suisse has dozens of subsidiaries that conduct most of the firm's business, according to its most recent annual report. The financial institution was charged by the US along with two subsidiaries earlier today.

http://www.smh.com.au/business/world-business/credit-suisse-pleads-guilty-in-tax-evasion-probe-20140520-38krp.html

Unfortunately, after being intimidated, Credit Suisse pleads guilty in tax evasion probe

Unfortunately, after being intimidated, Credit Suisse pleads guilty in tax evasion probe

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