Latest news with #ErikS.Siebert
Online Citizen
06-05-2025
- Business
- Online Citizen
Credit Suisse Services AG admits to U.S. tax conspiracy involving Singapore accounts
Credit Suisse Services AG has pleaded guilty to conspiring with U.S. taxpayers to conceal more than US$4 billion in offshore accounts—including accounts held in Singapore—and has admitted that Credit Suisse AG breached a 2014 plea agreement with the United States. The announcement was made on 6 May 2025 via a press release issued by the Office of Public Affairs of the U.S. Department of Justice (DOJ). Alongside the guilty plea, Credit Suisse Services AG entered into a non-prosecution agreement (NPA) concerning undeclared U.S. accounts held at Credit Suisse AG Singapore. The NPA requires the company to cooperate with ongoing DOJ investigations and pay over US$510 million in penalties, restitution, asset forfeiture, and fines. According to court documents cited in the DOJ's release, the conspiracy spanned from 1 January 2010 until approximately July 2021. During this time, Credit Suisse AG worked with employees, U.S. clients, and others to obscure ownership and control of assets to evade IRS scrutiny. The scheme involved maintaining undeclared offshore accounts and facilitating various private banking services designed to help U.S. taxpayers avoid disclosing assets and income. Bankers involved in the scheme falsified documents, processed fraudulent donation records, and failed to ensure compliance with U.S. tax laws. At least US$1 billion in accounts were serviced without verifying tax compliance. This conduct violated the terms of a 2014 plea agreement in which Credit Suisse AG had already admitted to similar wrongdoing. The DOJ determined that the bank engaged in 'new criminal conduct,' thereby breaching the earlier deal. Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons with over US$2 billion in assets. It failed to identify beneficial owners and neglected to investigate signs that account holders were U.S. taxpayers. Following the merger of UBS AG Singapore and Credit Suisse AG Singapore in 2023, UBS discovered the undeclared accounts and voluntarily reported them to the DOJ. UBS froze some of the accounts and initiated an internal review. The DOJ noted that, under the resolution, Credit Suisse Services AG—and by extension, UBS AG—is required to provide ongoing cooperation and disclose any further relevant information. The agreements provide no immunity to individual employees or clients involved. Legal proceedings against such individuals may still be pursued. Acting Deputy Assistant Attorney General Karen E. Kelly of the DOJ's Tax Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, and IRS Criminal Investigation (IRS-CI) Chief Guy Ficco jointly announced the resolution. According to the press release, IRS-CI agents from its International Tax & Financial Crimes group conducted the investigation with support from the DOJ's Office of International Affairs.
Yahoo
15-03-2025
- Yahoo
New task force launched in Virginia to eliminate transnational criminal organizations
ALEXANDRIA, Va. (WAVY) — A new task force has been formed in Virginia to fight transnational organized crime throughout the state. On March 14, U.S. Attorney Erik S. Siebert of the Eastern District of Virginia along with federal and state partners announced the recently established Virginia Homeland Security Task Force (VHSTF), an interagency group founded to combat transnational organized crime and coordinate ongoing immigration enforcement efforts across Virginia. In the two weeks since it's creation on March 3, VHSTF members have arrested 223 individuals. The VHSTF is part of Operation Take Back America, which streamlines efforts and resources from the Department's Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN). Operation Take Back America is a nationwide federal initiative that utilizes resources from the Department of Justice to repel the invasion of illegal immigration, eliminate cartels and transnational criminal organizations (TCOs) and protect communities from the perpetrators of violent crime. Hundreds of personnel, both federal and state, are supporting the task force. The VHSTF is the first of these task forces. Task force members are building on existing partnerships and initiatives to enforce immigration laws and policies to dismantle TCOs. Task force members target TCO infrastructures utilizing the State Department's new foreign terrorist designations of various gangs. The leaders of these TCOs and cartels may be prosecuted for crimes such as terrorism, racketeering, continuing criminal enterprise offenses, violations of the Foreign Narcotics Kingpin Designation Act and violations of the International Emergency Economic Powers Act. To date, the VHSTF has arrested four gang affiliates, including 18 Mara Salvatrucha (MS-13) affiliates, six Tren de Aragua (TdA) affiliates and 12 individuals affiliated with other TCOs. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
