A Credit Suisse unit agreed this week to pay $511 million for not meeting the terms of a 2014 settlement with U.S. authorities
Jeffrey A. Newman Esq.
Two former bank employees of Credit Suisse stand to make up to $150 million for telling U.S. authorities that Credit Suisse wasn’t living up to its promise made 10 years ago as part of a plea for aiding Americans to evade taxes by hiding cash overseas. A Credit Suisse unit agreed this week to pay $511 million for not meeting the terms of a 2014 settlement with U.S. authorities. Then, Credit Suisse admitted that it opened more than two dozen potentially tax-dodging U.S. accounts after the 2014 deal, according to the Wall street Journal.. And yet is kept other big accounts that it was supposed to report and closed or helped wealthy clients move their assets without telling the Internal Revenue Service, the plea agreement said.
In all, there were at least 475 accounts that Credit Suisse should have known were tied to Americans as of around 2018, holding $4 billion, the filing said.
Two banker whistleblowers in the case, could collect between 15% and 30% from the Justice Department settlement, which could be one of the largest tax whistleblower awards in IRS history.
The Credit Suisse pair haven’t identified themselves publicly fearing Swiss bank-secrecy laws, which bar bankers from discussing clients with anyone outside of their institutions—including foreign tax authorities. Their lawyer is Jeffrey Neiman a whistleblower lawyer in Florida.
Jeffrey Newman is a whistleblower lawyer representing doctors and nurses who have become whistleblowers reporting Medicare and Medicaid fraud. He also represents whistleblowers in tax evasion cases and tariff fraud cases. Jeff frequently writes on events affecting world social developments. He can be reached at Jeff@JeffNewmanLaw.com or at 978-880-4758
