The toll is just getting bigger for the Fallen Swiss bank credit swims.
Federal prosecutors said on Monday that UBS, who rescued the credit swiss two years ago, will pay a $ 510 million fine for the Credit Swiss to help avoid client taxes.
Prosecutors said the credit swiss, among other measures, helped to hide more than $ 4 billion from internal revenue service in the clients’ at least 475 accounts. The Singapore Office of the Credit Suis was assembled for the Owed Accounts for the Owed Accounts for Tax.
In the words of the prosecutors, the bank convicted, “US customers are able to avoid their US taxes in different ways, opening and maintaining U.S. Taxpayers from US taxpayers in Credit Suos AG to help US taxpayers that assisted US taxpayers from US taxpayers.”
Prosecutors said that the Bankers of Credit Suis did not try to comply with the tax, with more than $ 1 billion in accounts, the record duplicate, false grants and business were completed.
After being integrated with the Credit Sue in 2021, UBS has reported some suspicious transactions to the authorities. UBS expected the fine and spent some money to pay for it, the bank said in a statement.
The judiciary said the investigation was expanded for several years. Prosecutors still cannot be made even after the bank has included a promise to assist in an unprecedented active investigation at Monday’s announcement.
“The UBS was not involved in the underlying behavior and there is zero tolerance for tax evasion,” the bank said in its unprecedented statements, which describes the matter as “another inheritance of the credit swice”.
Two years ago, the credit swiss broke within a few weeks after a series of scandals, cases and management changes. This is a one -time Star Investment Fund, Arkegos lost 5.5 billion dollars in the unwinding of Capital Management.
UBS paid nearly $ 400 million to cover the fine regulatory fine.
UBS, under pressure from the Swiss authorities, rescued the credit swiss in 2023 for $ 3.2 billion.
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