Two Cayman Financial Institutions Plead Guilty to Conspiring to Hide More than $130 Million

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Friday, March 18, 2016
Author: 
Bruce Zagaris
Volume: 
32
Issue: 
3
Abstract: 

On March 9, 2016, Cayman National Securities Ltd. (“CS”) and Cayman National Trust Co. Ltd (“CNT”), two Cayman Island affiliates of Cayman National Corporation, pled guilty in the U.S. District Court in New York City for conspiracy to help United States taxpayers hide more than $130 million in Cayman bank accounts.  The guilty pleas represented the first convictions of financial institutions outside Switzerland for conspiring with U.S. taxpayers to evade their taxes.