Wegelin & Co. Ordered to Pay U.S. $58 Million in First-Ever Sentence of Foreign Bank

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Wednesday, May 1, 2013
Author: 
Bruce Zagaris
Volume: 
29
Issue: 
5
Abstract: 

On March 4, 2013, U.S. Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York imposed an order on Wegelin & Co. that it pay $58 million to the United States for conspiring with U.S. taxpayers and others to hide approximately $1.5 billion in secret Swiss bank accounts, and the income generated in the accounts, from the Internal Revenue Service.  Together with the April 2012 forfeiture of more than $16.2 million from Wegelin’s U.S. correspondent bank account, this amounts to a total recovery to the U.S. of $74 million.[1]