Swiss Bank Admits to Conspiring with U.S. Taxpayers to Hide Billions

Banque Pictet et Cie SA to Pay $122.9 Million in Deferred Prosecution Agreement

Swiss private bank Banque Pictet et Cie SA has admitted to conspiring with U.S. taxpayers to hide more than $5.6 billion in 1,637 secret bank accounts in Switzerland and elsewhere, and to conceal from the IRS the income generated in those accounts.
The bank has entered into a deferred prosecution agreement and agreed to pay approximately $122.9 million to the U.S. Treasury.
The case dates back to Justice Department investigations since 2008 into facilitation of offshore U.S. tax evasion by foreign banks.
The Pictet Group, founded in 1805, operates two main business divisions: institutional asset management and private banking for individuals.
The Pictet Group assisted U.S. taxpayer-clients with evading their U.S. taxes by opening and maintaining undeclared accounts for U.S. taxpayer-clients at the Pictet Group, either directly or through external asset managers.