How Credit Suisse Helped U.S. Clients Evade Taxes

From secret elevators to meetings at golf clubs, a new report unveils ''cloak and dagger" techniques

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Credit Suisse used elaborate measures to help thousands of wealthy clients avoid billions of dollars in American taxes, a new report by a US congressional committee alleged.

The Swiss banking giant reportedly adopted measures that included taking clients to meetings in Zurich on remote-controlled, button-less elevators; handing the customer bank statements hidden in a Sports Illustrated magazine during breakfast at the Mandarin Oriental Hotel in New York; and meeting clients at bank-sponsored events, including the annual “Swiss Ball” in New York and golf tournaments in Florida.

The report alleges Swiss bankers made 150 separate trips between 2001 and 2008 to the United States to meet clients and to solicit new business.

Credit Suisse also encouraged U.S. customers to travel to Switzerland, the report said, by providing them with a branch office at the Zurich airport that would offer a wide-ranging set of banking services. Nearly 10,000 U.S. customers availed themselves of that office. Once in Switzerland, clients were advised on how to engage in activities without creating a paper trail that could betray the secrecy of their Swiss accounts.

The Senate report, based on a two-year investigation, maintained that Credit Suisse had “had over 22,000 U.S. customers with Swiss accounts whose assets, at their peak, exceeded 12 billion Swiss francs,” or about $13.4 billion dollars.

The investigation found that the vast majority of the accounts were undeclared. To date, due to Swiss Government restrictions, the United States has obtained the names of only about 230 U.S. clients with hidden accounts at Credit Suisse, the report said.

Credit Suisse CEO Brady Dougan expressed regret about the bank’s conduct.

“Credit Suisse’s management team regrets very deeply that despite the industry-leading compliance measures we put in place, we had some Swiss-based private bankers who appear to have violated U.S. law.” said Dougan during his opening testimony for Wednesday’s hearing by the Senate Permanent Subcommittee on Investigations.

The U.S. Department of Justice is investigating 14 other Swiss banks for facilitating tax evasion, the report also said.

4 comments
jackloach69
jackloach69

Sods ----- Law.

Nov.---- 2014.


For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank--- PICTET & CIE. BANK.


Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.


The matter was raised in Parliament – twice-- the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank --- but the rogues had left ---saying no one left to prosecute.??? ----- so there.


We then approached the Financial Ombudsman Service. (FOS) --- our case was dealt with by seven different people ---- then our numerous E-Mails were ignored --- nobody would speak to us -------so there.


We then asked the SFO ( Serious Fraud Office.) to investigate our case ---- the criteria of our case ticked all their boxes. --- we were instructed not to send them

any documents/evidence.------ in fact they wrote to us advising us to go to the Citizen's Advice Bureau.(CAB.)

Richard Alderman the SFO boss ---- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.

The MP's committee ---- said he was sloppy--- and the SFO was run like “ Fred Karno's Circus” ----- it was an office of fraud.----- so there.


Our M.P. approached our local Chief Constable to investigate----- he was called---- Sir Norman Bettison--- Chief Constable of West Yorkshire Police ---- a force that made “ Dad's Army” look like the S.A.S. They were inept – corrupt ---malicious --- from top to bottom. We were criminally dealt with by the Forces Solicitor---- the Head of the Economic Crime Unit ----and the Chief Constable ----- so there.


We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did --- they advised us to make our complaint to ---- the West Yorkshire Police --- we did with reluctance --- all we got was abuse and obfuscation. ----- so there.


Sir Norman Bettison ---- The Forces solicitor--- and the Head of the Economic Crime ---- have all been removed from their posts and facing criminal allegations.

------ so there.


We even sought justice through the Courts --- culminating in a visit to the Court of Appeal-London.--- On leaving the Courts of Appeal that day our barrister a “rising star” informed us --- that if that was British Justice then you can keep it. He quit the law and moved to Canada ----- so there.


A few years later we learned that one of the judges ( Lord Justice.) in our case at the Court of Appeal was related to a senior executive of the Pictet Bank -----so there.


The Ministry of Justice passed our case to Lord Myners to investigate --- we would rather have had Mickey Mouse or Donald Duck do it. --- to this day we don't know

---whether he did anything or not ---- probably not --- seeing that his wife was on the Pictet Prix Board.


Pictet & Cie .Bank --- voted private bank of the year 2013.

Ivan Pictet ---- Voted banker of the year 2012. ---- the senior partner --- lied on numerous occasions and had documents destroyed --- also said genuine documents were forgeries. ----- so there.


Ivan Pictet in Oct. 2013 ---- Given the Legion of Honour --- but saying that ---- honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in fitting company. ----so there.


MONTY RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks lawyers.

Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court ---- the FSA ---- and the police Fraud Squad. ----so there.


Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.

Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.

An expert in Fraud ---the Doyen of Fraud Lawyers. ----- so there.


This says a lot about Banks --- the consensus of opinion is that they are highly paid “crooks” ---- no wonder they voted Ivan Pictet banker of the year.


It appears that crimes in the “establishment.” are honoured by their peers.

HONOURS AMONG THIEVES.”


Full Story.---- “google ”


Insert.----- The Crimes of ----- Pictet & Cie Bank.

or insert

Ivan Pictet/ Monty Raphael Q.C.

jackloach69
jackloach69



Swiss Bank Accounts. Aug.2014.


Is your monies safe in these accounts ---- definitely NOT.

Would you get your money back if every body decided to withdraw all their accounts – NO WAY.

Economic Experts say that there would only enough money to repay 50% of their clients.

Are you going to be in the 50% --- that loose your money.-- Get it out NOW.


2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) ---Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.


2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in

Panama and a tax loophole involving investments in London to gain

German millionaires as clients.

2012 - - - August ---- German Opposition Leader accuses Swiss Banks of "organised crime."


All the fines that crooked Swiss banks have incurred in the last few years exceeds £75.Billion.

It is also calculated that the secrecy " agreements" with regards to tax evation by their clients will cost the banks another £450 Billion.( paid out of your monies.)


The banks are panicking --- the are quickly restructuring their banks ---- from partnerships --

to " LIMITED COMPANIES." ----- this will probably mean that in the future --- they could

pay you only 10% of your monies " if you are one of the lucky ones" ---- and it be legal.

btt1943
btt1943

If highly respectable Credit Suisse has been doing what it is being accused of, one would reckon that other giant banks could have done likewise for a long time. This world of fraudulence knows no bound. Most rich are greedy for more money, and they will amass it one way or another. Anyway, this is hardly a new revelation.

texpat99
texpat99

This is absolutely outrageous.  Credit Suisse has retail banking operations throughout Switzerland and this airport "branch" is the same branch that any average Swiss would go in to handle day to day banking needs.  


Further Credit Suisse has offices scattered all over Zurich and the Group Global HQ in Paradeplatz (which is relatively small for a bulge bracket financial services HQ) is the only one that has these remote controlled elevators.  Anyone going to that building, even an employee going to meet colleagues based in that building (like myself) use these same elevators.  They are remote controlled, by the receptionist via a panel on the reception podium due to the heightened security.  It's hardly secret.  What bank HQ in the US would allow anyone in of the street to go where they please??


Switzerland has a centuries old banking secrecy culture that has served that country well.  The Swiss pride themselves on discretion.  Switzerland has been exporting banking expertise long before the USA was even a thought.  How dare these hyped up parasitic tax eating Senate blowhards stick their noses into what laws the Swiss parliament passes, and demand they give up names so they can get their grubby hands on more tax revenues to waste.  One day the USA will learn to stop bullying other countries.