A former Swiss banker who once worked at a subsidiary of the beleaguered Credit Suisse financial institution pleaded guilty Wednesday to helping U.S. residents hide their money from tax collectors in offshore accounts.
Andreas Bachmann is the first of eight Swiss bank officials – most of them connected to Credit Suisse – to admit wrongdoing in the case, which dates to 2011, when prosecutors in the Eastern District of Virginia charged the group with conspiring to defraud the United States.
The plea comes a few weeks after Credit Suisse agreed to pay $196 million to settle Securities and Exchange Commission charges that it advised U.S. clients without the required registration. As part of his plea agreement, Bachmann has also agreed to cooperate with federal investigators, which could spell more trouble for the Swiss banking giant and Bachmann’s former customers in particular.
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