UBS agrees to pay $511 million to end Credit Suisse's US tax investigation

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UBS agrees to pay $511 million to end Credit Suisse's US tax investigation - Business Standard

Quick Summary:

The resolution ends a long-running scandal involving Credit Suisse, which used Swiss bank secrecy laws to help Americans hide money from the IRS for decades.

Whistleblowers told the Senate committee that the family members held nearly $100 million at Credit Suisse for a decade before transferring those assets to other banks without telling the IRS.

Court documents detailed how Credit Suisse enabled tax cheating by Dan Horsky, an American business professor who pleaded guilty in 2016 to hiding more than $200 million in assets from the IRS.