O0ps…
Swiss bank Vegelin is shutting it’s doors after 272 years of business after pleading guilty to helping Americans evade tax, after agreeing to pay a fine of $57.8 mln to US authorities.
The bank had admitted to allowing more than 100 American citizens to hide $1.2bn from the Internal Revenue Service for almost 10 years.
Wegelin, based in the small Swiss town of St Gallen, started in business 35 years before the US declaration of independence.
It becomes the first foreign bank to plead guilty to tax evasion charges in the US.
Full story here (BBC)
