Share this @internewscast.com

A private Swiss bank will pay $122.9 million in back taxes and penalties after admitting it helped clients hide assets from the IRS between 2008 and 2014.

According to court filings and the Justice Department, Banque Pictet & Cie, Co helped a group of U.S. taxpayers hide $5.6 billion in order to conceal income, which saved them $50.6 million in taxes over those years.

The payment to the government covers taxes the bank’s clients owed, the fees the bank made on the undeclared accounts and $39 million in penalties.

“Banque Pictet et Cie admitted to actively helping U.S. taxpayers use coded accounts, foreign trusts and entities, nominee beneficiaries and other deceits to conceal their income and assets abroad,” acting Deputy Assistant Attorney General Stuart M. Goldberg said in a Justice Department press release.

The money was held in 1,637 Swiss bank accounts by Banque Pictet, a wealth and asset management firm that is part of the Pictet Group, a financial services company that said it had $691 billion in assets as of June 30.

The firm entered into a deferred prosecution agreement that requires it to cooperate with government investigations. That could include civil or criminal inquiries into the people whose assets the bank hid.

Share this @internewscast.com
You May Also Like
Justin Verlander's brutal losing streak continues with loss

Justin Verlander Suffers Another Defeat as Losing Streak Grows

Justin Verlander didn’t try to hide from the results. The latest loss,…
Texas flood survivors share harrowing stories, search continues for those still missing

Texas Flood Survivors Share Dramatic Experiences as Search Efforts Persist for the Missing

As officials continue to verify fatalities and search for people missing following…
Christie Brinkley admits she is a 'fool for love' despite four failed marriages

Christie Brinkley Confesses She’s a ‘Romantic at Heart’ Even After Four Divorces

Christie Brinkley is no stranger to love. The legendary supermodel, who has been…
Ukraine, Denmark ink landmark deal to produce weapons in Europe

Ukraine and Denmark Sign Historic Agreement to Manufacture Weapons in Europe

Kyiv struck a landmark deal with Denmark Friday that paves the way…
Chicago NASCAR race today: NASCAR Xfinity Series race The Loop 110 to take off in Grant Park Saturday; Cup Series happening Sunday

Chicago NASCAR Race Update: Xfinity Series ‘The Loop 110’ Hits Grant Park Saturday; Cup Series Scheduled for Sunday

CHICAGO (WLS) — Chicago’s third NASCAR Street Race will get underway on…
Body found in search for Brian Tarrence in Turks and Caicos

A Body Discovered During Search for Brian Tarrence in Turks and Caicos

A decomposed body has been discovered amid the search efforts for a…
Hakeem Jeffries Reemerges, Doubles Down on Democrats' Big Lie About OBBB and the American Dream

Hakeem Jeffries Resurfaces, Reinforces Democrats’ False Narrative on OBBB and the American Dream

The Democrats tell dishonest statements so often, it’s hard sometimes to rank…
South Philly shooting today: At least 8 wounded in mass shooting inside 7 Elements Restaurant Bar and Lounge in Philadelphia, PA

Mass Shooting at 7 Elements in South Philly: 8 Injured

PHILADELPHIA — At least eight people were wounded in a mass shooting…
Antisemitic attackers violently target synagogue, Israeli restaurant in Australia

Attackers with antisemitic intent violently target synagogue and Israeli restaurant in Australia

<!–> Rise in Antisemitic Incidents in Australia A synagogue in Melbourne was…
Bobby Jenks, 2-time All-Star and former White Sox closer, dies at 44

Former White Sox Closer and Two-Time All-Star Bobby Jenks Passes Away at 44

He was an All-Star in each of the next two seasons while…
Donald Trump speaking to reporters aboard Air Force One.

Trump Lashes Out: Putin Wants to Continue Killing in Ukraine, Claims He’s ‘Very Unhappy’ After Hour-Long Call with Vladimir

Donald Trump sounded a grim alarm over Putin’s intentions to “continue the…
Donald and Melania Trump on a White House balcony with an American flag.

Donald and Melania Trump Charm Audience with Heartwarming Balcony Appearance Amid Fourth of July Fireworks Celebration

DONALD Trump and Melania have warmed hearts with their PDA-packed appearance while…