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Swiss Bank Indicted in the U.S. for Facilitating Tax Fraud

The Department of Justice announced that on February 2, 2012, Wegelin & Co., a Swiss bank, was indicted for conspiring with U.S. taxpayers and others to conceal from the IRS more than $1.2 billion in secret accounts.  The Department of Justice alleges that the conspiracies occurred from 2002 through 2011.

Among other things, the Department of Justice alleges that in 2008 and 2009, after UBS ceased servicing undeclared accounts for U.S. taxpayers, Wegelin, sought to acquire those U.S. taxpayers as clients.  In order to do so, they opened and serviced accounts for U.S. taxpayers.

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