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ancianita

(36,009 posts)
7. Here's the Justice Department's announcement. It's a deferred prosecution agreement.
Mon Dec 4, 2023, 09:00 PM
Dec 2023
Damian Williams, the United States Attorney for the Southern District of New York, Stuart M. Goldberg, the Acting Deputy Assistant Attorney General for Criminal Matters of the Justice Department’s Tax Division, and Jim Lee, the Chief of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), announced today the filing of criminal charges against Swiss Bank, BANQUE PICTET ET CIE SA (“BANQUE PICTET” or the “Bank”) for conspiring with U.S. taxpayers and others to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere and to conceal the income generated in those accounts from the IRS.

As part of today’s resolution, BANQUE PICTET entered into a Deferred Prosecution Agreement (“DPA”) and agreed to pay approximately $122.9 million to the U.S. Treasury. Today’s resolution is one of a series of cases brought by the Department of Justice in connection with its investigations since 2008 into facilitation of offshore U.S. tax evasion by foreign banks. The case has been assigned to U.S. District Judge Edgardo Ramos....

The $122.9 million BANQUE PICTET agreed to pay to the U.S. Treasury pursuant to the DPA consists of (i) $52,164,201 to the United States, which represents gross fees (not profits) that the bank earned on its undeclared accounts between 2008 and 2014; (ii) $31,844,192 in restitution to the IRS, which represents the unpaid taxes resulting from BANQUE PICTET’s participation in the conspiracy; and (iii) a $38,950,998 penalty. The penalty considers the nature and seriousness of the Pictet Group's conduct, the Bank’s extensive internal investigation, the Bank’s substantial provision of documents to the Justice Department, and the Bank’s facilitation of witness interviews. The Bank further implemented remedial measures to protect against the use of its services for future tax evasion.

In addition to the payment, BANQUE PICTET also agrees under the DPA to accept responsibility for its conduct by stipulating to the accuracy of an extensive Statements of Facts. BANQUE PICTET further agreed to refrain from all future criminal conduct, implement remedial measures and cooperate fully with further investigations into hidden bank accounts. Specifically, the Bank is required to cooperate fully with ongoing investigations and affirmatively disclose any information it may later uncover regarding U.S.-related accounts. The Bank is also required to disclose information consistent with the Justice Department’s Swiss Bank Program relating to accounts closed between January 1, 2008, and December 31, 2022. The agreements provide no protection from criminal or civil prosecution for any individuals.

https://www.justice.gov/usao-sdny/pr/swiss-private-bank-banque-pictet-admits-conspiring-us-taxpayers-hide-assets-and-income


They cooperated but in terms of restitution, they got off with a slap on the wrist.
Sweet! No one is above the law, all laws. nt TeamProg Dec 2023 #1
I wonder RussBLib Dec 2023 #5
No, you have to actually have money to hide it from the IRS. Ray Bruns Dec 2023 #17
Do we now nail the 1,637 accounts with income tax evasion and those that have hidden bank accounts ? republianmushroom Dec 2023 #2
Here is an idea. LiberalFighter Dec 2023 #3
I hope the Sackler family is on that list, also Alex Jones too FakeNoose Dec 2023 #4
Publishing their names would be like the Panama Papers. rubbersole Dec 2023 #6
Here's the Justice Department's announcement. It's a deferred prosecution agreement. ancianita Dec 2023 #7
Banks can hide anything bucolic_frolic Dec 2023 #8
A lot of it ended up in Stalin's hands DFW Dec 2023 #12
That amount of money - out of the banking system and off the books - could fund almost anything /nt bucolic_frolic Dec 2023 #16
It was on the record, at least for a while. DFW Dec 2023 #19
banks shouldnt get these defered prosecution or no contets deals moonshinegnomie Dec 2023 #9
Why defunding the government is a rethugs priority JT45242 Dec 2023 #10
See? What'ja don't get is that society is made up of makers and takers. Makers make things happen and 3Hotdogs Dec 2023 #11
As a resident LittleGirl Dec 2023 #13
$50m on $5b? Sounds like .... 10%?? Very low live love laugh Dec 2023 #14
1 percent cotdom Dec 2023 #18
It literally pays to break the law. Republicanism in a nutshell. live love laugh Dec 2023 #20
So who is going to jail for this? John Shaft Dec 2023 #15
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