Otto Bruderer, a managing partner of Wegelin, appeared in US court to plead guilty on behalf of the bank, the first time a ‘non US’ bank has pleaded guilty to participating in a tax evasion scheme, the Financial Times reported. The bank was founded in 1741. Lots of information can be found easily by going online. Switzerland’s oldest bank, announced yesterday that it has helped Americans evade paying at least pluralplural578 million in restitution and fines, Reuters reported.
Bruderer said Wegelin believed it should not be prosecuted in the United States for this conduct as long as it had no branches or offices in the United States and because of its understanding that it acted in accordance with, and not in violation of, Swiss law and that such conduct was common in the Swiss banking industry, the Guardian reported. In line with Reuters, banks under US criminal investigation include Credit Suisse. UK based HSBC Holdings and three Israeli banks. Mizrahi Tefahot Bank Ltd and Bank Leumi.