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Credit Suisse Plea Agreement

“Credit Suisse`s admission of guilt is just the latest attempt by the department to hit unreported bank accounts, fake trusts and other foreign systems used by U.S. taxpayers to evade tax,” said Assistant Attorney General Cole. “We will continue to hold bankers, brokers and other professionals in Switzerland and around the world to account, as well as the institutions that trained them, and order them to use banking laws to protect U.S. tax evaders. On February 23, 2011, a grand jury in the Eastern District of Virginia struck a counter indictment against four Credit Suisse employees – Marco Parenti Adami, a former Credit Suisse executive; Emanuel Agustino, former Credit Suisse banker; Michele Bergantino. a former Credit Suisse banker; And Roger Schaerer, former Credit Suisse representative in his new York representation, conspiring with other Swiss bankers and American taxpayers to deceive the United States. On July 21, 2011, the grand jury issued a replacement indictment in which four other defendants were charged with conspiracy to mislead the United States. The four new defendants were: Markus Walder, the former head of North America`s offshore bank at Credit Suisse; Former Credit Suisse executive, Ssanne D. Raegg Meier; Andreas Bachmann, former banker of Credit Suisse Fides, a subsidiary of Credit Suisse; and Josef Durig, former collaborator and owner/operator of a trust company of Credit Suisse Fides. On 12 March 2014, Bachmann pleaded guilty to a replacement in his work as a banker with Credit Suisse Fides. On April 30, 2014, he pleaded guilty to defrauding the IRS as part of its role in managing offshore units used by U.S.

taxpayers to conceal their accounts from Credit Suisse. These arguments were accepted by U.S. District Judge Gerald Bruce Lee. Bachmann and Durig each face up to five years in prison when they were sentenced on 8 August 2014. However, there is no agreement from Credit Suisse to give the names of U.S. clients who allegedly used the bank to hide money from the IRS. In a sign that the banking giants are no longer immune from criminal prosecution, despite fears that financial institutions have become so large and connected that they are too big to go to jail, federal prosecutors have called for Credit Suisse`s parent company to plead guilty to helping thousands of U.S. account holders hide their assets. Justice has been known for at least four years for wrongdoing at Credit Suisse, in which it indicted eight of the bank`s executives. Two of the former bankers, Andreas Bachmann and Josef Dorig, have pleaded guilty and are awaiting sentencing in August.

The other six must hide in Switzerland, a country that has the power to refuse extradition requests related to tax offences. “I do not understand why the U.S. government did not require, as part of the agreement, that the bank cough some of the names of U.S. customers with secret Swiss bank accounts,” Levin said in a statement late Monday.