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Swisspartners Group to pay $4.4 million in U.S. tax evasion probe
May 9, 2014 / 8:42 PM / 3 years ago

Swisspartners Group to pay $4.4 million in U.S. tax evasion probe

WASHINGTON, May 9 (Reuters) - Swiss asset management firm, Swisspartners Group, agreed to pay $4.4 million to the United States to settle a probe over whether it helped U.S. taxpayers evade their federal income taxes, the U.S. Department of Justice announced on Friday.

From about 2001 to about 2011, according to a Justice Department statement, Swisspartners helped its U.S. clients open and maintain undeclared foreign bank accounts, which allowed them to avoid paying taxes in full.

The U.S. Attorney for the Southern District of New York, Preet Bharara, whose office negotiated the settlement, said Swisspartners avoided criminal charges “as a direct result of its decision to self-report misconduct.” (Reporting By Julia Edwards; Editing by Sandra Maler)

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