Switzerland’s oldest bank is to close after US tax evasion fine

Switzerland’s oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes. Wegelin, which was established in 1741, has also agreed to pay $57.8m (£36m; 44m euros) in fines to US authorities.

It said that once this was completed, it “will cease to operate as a bank”.

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. Other Swiss banks have in recent years moved to prevent US citizens from opening offshore accounts.

Read more

7 comments on “Switzerland’s oldest bank is to close after US tax evasion fine
  1. bproman says:

    Refuse to pay the fine.

  2. susan says:

    Jjim Willie right again!

  3. daddy warbucks says:

    An unfortunate consequence will be the growing hatred toward American citizens who have nothing to do with this and are themselves victims of this NWO, world monarchy controlled by “intellectual elites and world bankers”. The American people are being subjugated as well.

    Controlling all the world’s banks is in process (this article is a small example). Controlling the world’s regulatory is in process through the UN (UNESCO, Agenda 21, carbon taxes, world gun treaty, etc.). Controlling the world’s military is in process (NATO aggression moving east and eventually Russia and China), Controlling the MSM (that has become a major problem for the NWO via the Internet, as your reading here).

    The US regulatory agencies (FDA, EPA, etc) and social security offices are presently being trained to shoot it’s own civilians and millions of rounds of hollow point bullets for ‘domestic use’ are being bought and distributed amongst agencies. It seems the coming financial collapse will be the trigger and the puppets of the NWO (Obama, as was Bush) control the timing and want everything in place to finally seat the NWO dynastic families in total control.

    This is a world problem, if the US citizens are dis-armed, it is the end game for the rest of the world’s freedoms.

    …the other giant squid; the UN
    The IMF & World Bank & it’s sovereign eating un-elected technocrats are UN agencies, do you believe the UN is there for you?

    The UN & its agencies are immune to laws of countries where they operate” – Wikipedia

    “In fact, her IMF salary of $467,940 plus an $83,760 additional allowance is not subject to any taxes. See Christine Lagarde, Scourge of Tax Evaders, Pays No Tax. No taxes is the norm for most United Nations employees …”

    Much of the membership of the UN are 3rd world dictatorships (easily bought votes) that would like nothing better than to spread western wealth to themselves through UN resolutions.

    So who ultimately ‘owns’ the UN? …ask the Slave Queen herself:

    Slave Queen


  4. Bruce says:

    did Jim Willie forecast this one?

    daddy warbucks,
    nice write-up.

  5. Marc Authier says:

    Strangely enough. not strange at all. only Switzerland is being attacked. Never the UK banks which commit EXACTLY the same pseudo crimes as Switserland. I say pseudo crime today because paying taxes and income taxes to US government is a crime. Why should the People pay their income taxes to a bunch of mass murdering psychopathic criminal fascist thugs ? Not enrichnig thes Washingto DC pigs is a duty and a servive to USA. The best way to destroy this REALLY EVIL EMPIRE than is USA is depriving the Beast from income tax (Boston Tea Party. Remember ?)

  6. Jayme says:

    None of this money will go to paying US debt. No bankers will go to jail but many others associated with Wegelin will soon be getting knocks on their doors.

    My bet is that very few who are connected to the US Treasury or PTB had any money with Wegelin. Their pet banks are TBTF. The $1.2bn is almost nothing but it shows the granularity of what the central bankers consider worth pursuing. The holdings probably belongs to a small number of millionaires who couldn’t even afford a small yacht. These are considered ‘rich’ by most Americans today but are likely only upper middle class. I consider this raid a part of the effort to destroy the middle class who could conceivably pose as competition to the PTB someday.

    Bye bye to Wegelin and those associated. There is obviously no protection by the government in Switzerland. Like good money junkies, banker ‘friends’ will rat you out when threatened.

  7. Mary Genoud says:

    It would seem Wegelin was too small not to steal! I remember Lee Iacocca’s book and a passage concerning Henry Ford Jr, who one year was shocked to learn that he had to pay $11,000 on personal income, because previously he had never had to pay anything! There are loop-holes (debt) for the privileged in US tax code, so why did 100 Americans ask for this bank’s services, why did they not simply declare their earnings using the best of US tax consultant lawyers available??? Wegelin, keep your charter and start over, but in the future be very careful of clients, many of whom may be foreigners; however any foreigner can also have dual citizenship, thus be an American. Therefore do not accept Americans who do not report correctly their earnings and make all clients including Swiss sign a statement concerning US citizenship.

Watch the latest Keiser Reports:

Buy Gold Online
Buy Gold Online