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

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Wednesday, May 1, 2013
Bruce Zagaris

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]