According to a Senate report, Credit Suisse continued to help wealthy Americans evade taxes, despite a 2014 plea agreement in which the bank pledged not to do so.
Senate Finance Committee Chairman Ron Wyden (D-OR) suggested that "it's time to prosecute" the Swiss bank for violating the terms of the deal.
- As part of the agreement, Credit Suisse paid a $2.6B fine, acknowledged that it had helped U.S. citizens evade taxes for decades, and vowed to stop the practice.
- The report by the Senate Finance Committee found that Credit Suisse helped as many as 25 American families to hide more than $700M in the bank since 2014.
- Two former Credit Suisse employees who became whistleblowers told CNBC that the bank has continued to support tax evasion.
- Credit Suisse bankers allegedly changed the nationalities on some accounts held by high net-worth individuals so that they could stay with Credit Suisse.
- According to the investigation, Credit Suisse continued "an ongoing and potentially criminal tax conspiracy involving nearly $100 million dollars and undeclared offshore accounts belonging to a family of dual U.S./Latin American citizens."
