Swiss bank UBS will settle legal disputes with the U.S. government for a whopping $511 million. This means the lawsuits rather embarrassingly filed against the banking giant will be dropped.
Swiss Bank Credit Suisse To Settle $511 Million Fine Over Fraud 💸💰
Looks like Credit Suisse is digging deep into its pockets—all the way to $511 million, to be exact! The Swiss bank pleaded guilty to fraud charges regarding the management of offshore accounts in Singapore that hid massive amounts of wealth from the IRS for Americans seeking tax evasion. 🇨🇭🙈💉
According to a recent press release by the U.S. Department of Justice, incidents of fraudulent activity occurred between 2010 and 2021. The деятельность involved the manipulation of documents and fake donation declarations, which Credit Suisse admitted to in a court of law. 📄🤫💸
This guilty plea went down on the same day as the acquisition of Credit Suisse by its Swiss rival, UBS, in 2023. The move was a desperate measure to stave off bankruptcy from Swiss authorities.
- In a bid to stave off potential bankruptcy, Credit Suisse agreed to a $511 million fine for its involvement in fraudulent business activities, as it was acquired by its Swiss rival, UBS, in 2023.
- The fine of $511 million will go towards addressing the justice system for the fraudulent acts committed by Credit Suisse, in which they manipulated documents and made false donation declarations.
- From 2010 to 2021, Credit Suisse engaged in these fraudulent activities, hiding massive amounts of wealth for clients in Singapore, seeking tax evasion from the IRS.
- Despite being a billion-dollar financial institution, Credit Suisse had no choice but to pay this hefty fine, as the Swiss authorities threatened bankruptcy proceedings against the bank.
