You are here

Swiss bank admits cash and gold withdrawals cheated US taxman

Monday, January 4, 2016 - 05:50

Lombard Odier also closed at least 12 US accounts worth US$15.7 million with fictitious donations to other accounts.

Newark, New Jersey

LARGE cash and gold withdrawals was one way Bank Lombard Odier & Co allowed US clients to sever a paper trail on their assets and cheat the Internal Revenue Service, the Swiss lender admitted, agreeing to pay US$99.8 million to avoid prosecution.

That penalty

Market voices on:

Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at

Powered by GET.comGetCom