Julius Baer on Thursday agreed to pay nearly $550 million to defer a U.S. tax-evasion prosecution, hours after two of the Swiss private bank's former wealth managers pleaded guilty to planning the conspiracy. Manhattan federal prosecutors Thursday evening said that, after more than four years on the run, Swiss residents Daniela Casadei and Fabio Frazzetto voluntarily appeared in court to admit to helping Americans open secret accounts at Julius Baer through the use of code names and numbers, shell companies, relatives and third-party asset managers. According to their 2011 indictments, Casadei and Frazzetto made purchases in cash to obscure their...
Administrators for a collapsed Lithuanian lender are pursuing at least two cases against Swiss and Austrian banks for failing to stop its former chairman, Russian financier Vladimir Antonov, from misappropriating nearly €500 million, according to a bankruptcy report published Friday.
Sen. Ben Cardin and other lawmakers will seek to extend the soon-to-expire Iran Sanctions Act for another 10 years, Swiss officials have frozen approximately $80 million of assets linked to 14 FIFA officials, and more, in the midweek roundup.
U.S. tax authorities and a Senate investigatory team are looking into reports that the Cayman Islands branch of Bank Julius Baer helped American accountholders hide taxable revenue, according to the former chief of the bank's Caribbean operations.
Former Bank COO Rudolph Elmer, who has been sued by Julius Baer for allegedly leaking hundreds of the bank's documents suggesting a systemic laxity toward tax evasion and money laundering, said the Swiss laws allow institutions to hide their criminal support for white collar criminals.