You are here

Swiss bank admits cash and gold withdrawals cheated US taxman

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...