Credit Suisse included in US tax evasion probe
Thursday February 24 2011 | 05:14 AM

US prosecutors have expanded their investigation into offshore tax havens to include Credit Suisse and announced criminal charges against four bankers who allegedly conspired to help US citizens evade paying taxes for decades, according to court documents and a person familiar with the matter.

A criminal indictment against the four bankers alleges that they worked at an international Swiss bank, which people familiar with the matter confirm is Credit Suisse.

Credit Suisse has not been accused of any wrongdoing.

“We are co-operating with the authorities in their investigation of these individuals,” Credit Suisse said. “Credit Suisse is not a target of the investigation.”

Prosecutors allege the bank maintained thousands of secret accounts holding $3bn in untaxed assets. The conspiracy dates back to 1953 and involves two generations of US clients, including some who inherited secret accounts, the indictment alleges.

Arrest warrants have been issued for the bankers but none are in custody. They could not be reached for comment.

The indictment alleges the four bankers helped 17 US clients evade paying taxes by setting up offshore accounts and helping conceal their transactions through credit and debit cards linked to those accounts. On three occasions, one banker allegedly sent bank cheques to clients using a shipping company to avoid detection.

The allegations reveal that authorities continue to expand the investigation into Swiss banks and others. The US Department of Justice and Internal Revenue Service reached a landmark settlement with UBS in 2009 and have filed charges against numerous HSBC clients.

The most senior of those charged is Marco Parenti Adami, who, according to the indictment, represents that he is currently a member of senior management with clients in California and New York.

The other bankers are Roger Schaerer, who operated out of the bank’s New York office, and Emanuel Agustoni and Michele Bergantino, who formerly worked for the bank in Zurich.

The US indictment follows the arrest two weeks ago of another Credit Suisse banker, Christos Bagios, who worked for UBS for 16 years. His charges remain under seal and he is en route to southern Florida.

Separately, German prosecutors said they had broadened their probe against Credit Suisse staff, raiding several offices. Düsseldorf’s prosecutor said four Credit Suisse employees were involved in its most recent investigation, which centres on tax evasion.