Article Link: http://www.bloomberg.com/news/articles/2016-11-22/credit-suisse-said-to-face-tax-probe-over-undeclared-accounts
Credit Suisse AG has recently come under fire after sources revealed that they hid an American client’s wealth from the United States government. These accusations came after a plea bargain with the USA where the bank agreed to no longer help American citizens hold accounts that allow them to evade their taxes and will help the government root out any suspicious accounts.
The client in question is U.S. citizen Dan Horsky, who pleaded guilty earlier in the month for conspiring to defraud the IRS. He had about $200 million undeclared assists in Credit Suisse, which the company neglected to disclose to the United States government. He now faces five years in prison and a $100 million fine due to the fact that he did not disclose these offshore assets to the government. Horsky had been working with investigators in uncovering the extent to which Credit Suisse helped clients evade U.S. taxes.
The company pleaded guilty in May 2014 to helping American clients hide up to $10 billion from the IRS in their banks, allowing them to evade their taxes without any repercussions. Officials are now investigating if there are any other individuals that the bank aided in tax evasion and did not disclose to the government.