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Swiss bankers indicted for conspiring to defraud IRS while working for Wegelin & Co.

January 03, 2012 by David Marchant

HIGHLIGHTS

  • Defendants allegedly conspired to conceal more than $1.2 billion from the IRS
  • The bank they worked for is referred to only as 'Swiss Bank A' in the indictment but is known to be Wegelin & Co., which claims to be Switzerland's "oldest bank"
  • Wegelin & Co. allegedly accessed the U. S. banking system through a correspondent account with UBS
  • Wegelin & Co. allegedly targeted U. S. taxpayers fleeing UBS after it was known to be under investigation by the IRS
  • Two unindicted co-conspirators were named as Beda Singenberger, of Sinco Treuhand AG, and Gian Gisler, of UBS

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Three former client advisers with Swiss bank Wegelin & Co. - Michael Berlinka, Urs Frei and Roger Keller - have been indicted in the USA for allegedly conspiring with U. S. taxpayers and others to conceal more than $1.2 billion from the IRS.

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