Credit Suisse Services AG pleaded guilty today to conspiring to help U.S. taxpayers hide over $4 billion in at least 475 offshore accounts. The plea follows a years-long investigation by the Department of Justice and IRS Criminal Investigation.
The Swiss company also entered a non-prosecution agreement (NPA) with the DOJ’s Tax Division and the U.S. Attorney’s Office for the Eastern District of Virginia, admitting it maintained undeclared U.S. accounts at Credit Suisse AG Singapore valued at over $2 billion between 2014 and 2023.
The guilty plea by Credit Suisse Services AG settles criminal liabilities assumed by UBS AG when the Zurich rivals agreed to merge in 2023.
From 2010 to 2021, Credit Suisse AG worked with employees, U.S. clients, and others to conceal assets and income from the IRS, including by falsifying records and processing fictitious donations. The conduct violated a 2014 plea agreement.
“Credit Suisse committed new crimes while under a prior plea deal,” said Acting Deputy Assistant Attorney General Karen E. Kelly. “The penalty reflects that breach.”
U.S. Attorney Erik S. Siebert added: “The bank helped clients cheat the tax system. This resolution imposes accountability.”
The agreements require full cooperation with ongoing investigations. No individuals are protected from prosecution.
The $510.6 million total includes restitution, fines, and forfeiture.
Following UBS’s 2023 merger with Credit Suisse AG Singapore, UBS disclosed the undeclared accounts and cooperated with the DOJ. UBS froze some accounts and conducted an internal investigation.
The case was investigated by IRS-CI’s International Tax & Financial Crimes group. DOJ Tax Division and EDVA prosecutors handled the case
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