Banking Giant Pays $122,900,000 Fine for Helping Americans Hide $5,600,000,000 in Secret Accounts – The Daily Hodl

A private Swiss bank has agreed to pay a $122.9 million fine for helping a wealthy American national hide a staggering $5.6 billion in assets.

According to the Department of Justice, Pictet Bank allowed Americans to secretly hold billions of dollars in 1,637 bank accounts from 2008 to 2014.

Ministry of Justice official To tell This suspicious account prevented customers from paying $50.6 million in taxes.

“Today, Banque Pictet et C. warns that U.S. taxpayers use coded accounts, foreign trusts and entities, beneficiary designations, and other deceptions to hide foreign income and assets. He admitted that he actively supported the

For this criminal activity, the bank will pay nearly $122.9 million in restitution, fees and fines, and will be required to fully cooperate with the investigation into these secret accounts. ”

Part of the fine will be used to recoup taxes that the bank's customers had avoided and to recoup any profits the bank made on their accounts.

The company is cooperating with the Department of Justice and is also expected to assist in future investigations into those who hid assets in banks.

Banque Pictet et Cie is owned by the Pictet Group, which was founded in 1805 and has assets of approximately $691 billion.

Pictet Group operates primarily in Switzerland, Luxembourg, Hong Kong, Singapore and the Bahamas and has two main business units: Institutional Wealth Management and Retail Private Banking.

Never miss a beat – Subscribe to get email alerts delivered straight to your inbox

Check price action

follow me twitter, Facebook and telegram

Surf the Daily Hoddle Mix

Check out the latest news headlines


Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated image: Mid Journey



Sign up to stay informed to breaking news