Close Menu
Influential MagazineInfluential Magazine
  • Home
  • Latest News
  • Entrepreneurs
  • Business
  • Finance
  • Leadership
  • More
    • Web Stories
    • Editor’s Picks
    • Press Release

Subscribe to Updates

Get the latest business and finance news for entrepreneurs all around the world.

What's Hot
What Caused the Air India Plane Crash? Here’s What Investigators Are Examining.

What Caused the Air India Plane Crash? Here’s What Investigators Are Examining.

June 14, 2025
Musk Called Trump Privately Before Posting Message of ‘Regret’

Musk Called Trump Privately Before Posting Message of ‘Regret’

June 11, 2025
Washington Post Names Adam O’Neal as Opinion Editor

Washington Post Names Adam O’Neal as Opinion Editor

June 11, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram
Influential MagazineInfluential Magazine
SUBSCRIBE
  • Home
  • Latest News
  • Entrepreneurs
  • Business
  • Finance
  • Leadership
  • More
    • Web Stories
    • Editor’s Picks
    • Press Release
Influential MagazineInfluential Magazine
Home » Credit Suisse Pays $510 Million Fine for Helping Clients Evade Taxes

Credit Suisse Pays $510 Million Fine for Helping Clients Evade Taxes

May 6, 20252 Mins Read Business
Credit Suisse Pays 0 Million Fine for Helping Clients Evade Taxes
Share
Facebook Twitter Reddit Telegram Pinterest Email

The toll for misconduct at the fallen Swiss bank Credit Suisse just keeps getting bigger.

Federal prosecutors said on Monday that UBS, which rescued Credit Suisse from the brink of collapse two years ago, would pay $510 million in fines for the role Credit Suisse played in helping clients evade taxes.

Credit Suisse, among other moves, helped clients hide more than $4 billion from the Internal Revenue Service in at least 475 accounts, prosecutors said. Credit Suisse’s Singapore office was singled out for holding undeclared accounts for people who owed taxes.

The bank pleaded guilty to, in the words of prosecutors, enabling “U.S. customers to evade their U.S. tax obligations in several ways, including by opening and maintaining undeclared offshore accounts for U.S. taxpayers at Credit Suisse A.G., and providing a variety of offshore private banking services that assisted U.S. taxpayers in the concealment of their assets and income from the I.R.S.”

Prosecutors said bankers at Credit Suisse had faked records, processed false donations and done business with more than $1 billion in accounts without feigning effort at tax compliance.

UBS reported some suspicious transactions to authorities after it merged with Credit Suisse in 2023. UBS anticipated the fine and had set aside some money to pay for it, the bank said in a statement.

The Department of Justice said its investigation had stretched several years. Prosecutors may not yet be done, either, since Monday’s announcement included a commitment by the bank to cooperate in unspecified active investigations.

“UBS was not involved in the underlying conduct and has zero tolerance for tax evasion,” the bank said in its unsigned statement, which described the matter as “another of Credit Suisse’s legacy issues.”

Two years ago, Credit Suisse crumbled in a matter of weeks after a series of scandals, lawsuits and management changes. It lost $5.5 billion in the unwinding of a onetime star investment fund, Archegos Capital Management.

UBS paid nearly $400 million to cover regulatory fines related to that turmoil.

UBS, under pressure from the Swiss authorities, rescued Credit Suisse for $3.2 billion in 2023.

Banking and Financial Institutions Credit Suisse Group AG Fines (Penalties) UBS AG
Share. Facebook Twitter Pinterest LinkedIn Telegram Reddit Email
Previous ArticlePulitzer Prizes: 2025 Winners List
Next Article A Reporter Takes Pause at the Career Pause

Related Posts

What Caused the Air India Plane Crash? Here’s What Investigators Are Examining.

What Caused the Air India Plane Crash? Here’s What Investigators Are Examining.

June 14, 2025
Musk Called Trump Privately Before Posting Message of ‘Regret’

Musk Called Trump Privately Before Posting Message of ‘Regret’

June 11, 2025
Washington Post Names Adam O’Neal as Opinion Editor

Washington Post Names Adam O’Neal as Opinion Editor

June 11, 2025
How Immigrants and Labor, Long Joined in L.A., Set the Stage for Protest

How Immigrants and Labor, Long Joined in L.A., Set the Stage for Protest

June 11, 2025
The House’s Policy Bill Would Lose Money. Could Trump’s Tariffs Replace It?

The House’s Policy Bill Would Lose Money. Could Trump’s Tariffs Replace It?

June 11, 2025
Richard Beattie, Who Helped Pioneer Private Equity Takeovers, Dies at 86

Richard Beattie, Who Helped Pioneer Private Equity Takeovers, Dies at 86

June 11, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
What Caused the Air India Plane Crash? Here’s What Investigators Are Examining.

What Caused the Air India Plane Crash? Here’s What Investigators Are Examining.

By News RoomJune 14, 2025

Atul Loke for The New York Times Investigators have begun sorting through the wreckage of…

Musk Called Trump Privately Before Posting Message of ‘Regret’

Musk Called Trump Privately Before Posting Message of ‘Regret’

June 11, 2025
Washington Post Names Adam O’Neal as Opinion Editor

Washington Post Names Adam O’Neal as Opinion Editor

June 11, 2025
How Immigrants and Labor, Long Joined in L.A., Set the Stage for Protest

How Immigrants and Labor, Long Joined in L.A., Set the Stage for Protest

June 11, 2025

Subscribe to Updates

Get the latest business and finance news for entrepreneurs all around the world.

About Us
About Us

Influential Magazine is one of the top news portals about Business and Finance news for Entrepreneurs and leaders all around the world, follow us for more intersting articles and news.

Our Picks
How Immigrants and Labor, Long Joined in L.A., Set the Stage for Protest

How Immigrants and Labor, Long Joined in L.A., Set the Stage for Protest

June 11, 2025
The House’s Policy Bill Would Lose Money. Could Trump’s Tariffs Replace It?

The House’s Policy Bill Would Lose Money. Could Trump’s Tariffs Replace It?

June 11, 2025
Richard Beattie, Who Helped Pioneer Private Equity Takeovers, Dies at 86

Richard Beattie, Who Helped Pioneer Private Equity Takeovers, Dies at 86

June 11, 2025
Trending Now
What’s Next as the Latest U.S.-China Trade Talks Conclude

What’s Next as the Latest U.S.-China Trade Talks Conclude

June 11, 2025
CPI Inflation Data is Muted as Tariff Impact is Limited

CPI Inflation Data is Muted as Tariff Impact is Limited

June 11, 2025
China Walks a Line in U.S. Trade Talks, Trying Not to Overplay Its Hand

China Walks a Line in U.S. Trade Talks, Trying Not to Overplay Its Hand

June 11, 2025
Influential Magazine
Facebook X (Twitter) Instagram LinkedIn
  • Home
  • Privacy Policy
  • Contact
  • Terms & Conditions
© 2025 Influential Mag. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.