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Swiss bank admits cash and gold withdrawals cheated US taxman

Monday, January 4, 2016 - 05:50

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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

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