Credit Suisse may pay $800 million for helping Americans evade taxes

Credit Suisse is in the final stages of negotiations with the Department of Justice to pay over $800 million for helping Americans evade income taxes by hiding their money in the Switzerlands banking system. ΠUBS paid $780 million for its wrongdoing already.

The US Department of Justice cit a deal with the Swiss banks that in return for their disclosure of the account details of American customers who held assets with them to evade taxes, the DOJ would drop potential prosecutions against the banks.

To avoid prosecutions, the banks must pay 20% of the value of undeclared accounts set up before Aug. 2008.

The tax evasion scheme was unveiled by a whistleblower who worked for UBS and eventually he received $104 million as his whistleblower reward from the IRS.

Jeff Newman represents whistleblowers.