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Swiss private bank Wegelin & Co. indicted in U. S. for allegedly conspiring to defraud the IRS

February 02, 2012 by David Marchant

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  • 'First-time foreign bank has been charged with tax evasion in USA', states U. S. Government
  • U. S. Government has seized $16 m of Wegelin & Co.'s assets at its U. S. correspondent bank, UBS
  • Wegelin & Co. allegedly conspired to conceal $1.2 b from the IRS

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Switzerland's oldest private bank, Wegelin & Co., was indicted today in the United States for allegedly conspiring to defraud the IRS and, in a parallel civil action, had $16 million seized at its correspondent bank, UBS AG, due to alleged money laundering.

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