Banking Giant Fined $123 Million for Concealing $5.6 Billion in Secret U.S. Accounts
Swiss Private Bank to Pay $122.9M Fine for Assisting Wealthy Americans in Concealing $5.6B Assets
"Banque Pictet & Cie Fined $122.9M by Justice Department for Secret Accounts Scandal"
In a recent announcement from the Justice Department, Switzerland's Banque Pictet & Cie has been implicated in a significant tax evasion scheme. From 2008 to 2014, the bank managed 1,637 secret accounts for American clients, holding an estimated $5.6 billion and evading $50.6 million in taxes. The bank's methods included using coded accounts, foreign trusts, and nominee beneficiaries to hide clients' income and assets.
As a result of these illicit activities, Banque Pictet & Cie is now facing a hefty fine of nearly $122.9 million, which includes restitution, disgorgement of fees, and a financial penalty. This fine is a part of the bank's criminal conduct settlement and is intended to cover the unpaid taxes and profits made from these accounts.
Furthermore, Banque Pictet & Cie, a part of The Pictet Group founded in 1805 with around $691 billion in assets, is mandated to cooperate with ongoing investigations. The Group, known for its institutional asset management and private banking services in Switzerland, Luxembourg, Hong Kong, Singapore, and the Bahamas, is now actively supporting the Justice Department in further investigations into the clients who used its services to conceal their assets.
Dec 10, 2023
