Scott Michel Quoted in Swissinfo, Credit Suisse "Worse Off" Than UBS in the U.S.
07.27.2011
swissinfo.ch
Excerpt taken from article.
Once again a Swiss bank in the United States is implicated in tax fraud. Three years ago it was UBS in the hot seat; now Credit Suisse faces a criminal inquiry.
"The very serious allegations against Credit Suisse relate to a wider range of conduct extending beyond a tax conspiracy into a broader range of criminal activity," Scott Michel of the Washington firm Caplin & Drysdale told swissinfo.ch.
"These are not just allegations that a Swiss bank opened accounts that they knew would not be reported to the IRS [Internal Revenue Service], there are also allegations that employees of the bank lied to the Federal Reserve, engaged in destruction of records, helped people try and evade DOJ [Department of Justice] investigation and provided unlicensed banking services to customers," the lawyer representing some 30 Credit Suisse clients said.
Once again a Swiss bank in the United States is implicated in tax fraud. Three years ago it was UBS in the hot seat; now Credit Suisse faces a criminal inquiry.
"The very serious allegations against Credit Suisse relate to a wider range of conduct extending beyond a tax conspiracy into a broader range of criminal activity," Scott Michel of the Washington firm Caplin & Drysdale told swissinfo.ch.
"These are not just allegations that a Swiss bank opened accounts that they knew would not be reported to the IRS [Internal Revenue Service], there are also allegations that employees of the bank lied to the Federal Reserve, engaged in destruction of records, helped people try and evade DOJ [Department of Justice] investigation and provided unlicensed banking services to customers," the lawyer representing some 30 Credit Suisse clients said.
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