🏦 Swiss Bank's Tax Evasion Scheme
Banque Pictet, a major Swiss bank, admitted to assisting American taxpayers in hiding billions of dollars from the IRS.
💰 Hiding $5.6 Billion from the IRS
The bank managed about $5.6 billion in 1,637 accounts for U.S. citizens, helping them evade approximately $50.6 million in taxes between 2008 and 2014.
🔍 DOJ Investigation and Fine
Banque Pictet has entered a deferred prosecution agreement with the DOJ and agreed to pay around $122.9 million in restitution and penalties as part of the deal.
🌐 Banque Pictet's Global Operations
Specializing in managing wealth for high-net-worth clients, the bank also operates in Luxembourg, Singapore, and the Bahamas.
🕵️♂️ Tax Evasion Tactics Revealed
Investigators state that Banque Pictet used "a variety of means" to aid clients in tax evasion, including opening accounts for offshore entities.
🤝 Cooperation with the Investigation
As part of the agreement with the DOJ, the bank has agreed to cooperate with the investigation and take steps to ensure clients meet their tax obligations.
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