Credit Suisse Pleads Guilty to US Tax Evasion, Will Pay $510 Million

The Switzerland-based company admitted to helping U.S. taxpayers hide billions of dollars offshore and breaching a 2014 plea deal.

The logos of the Swiss banks Credit Suisse and UBS in Zurich on June 12, 2023. Ennio Leanza/Keystone via AP

Credit Suisse Services AG pleaded guilty to conspiring with certain U.S. taxpayers to conceal more than $4 billion in offshore accounts, agreeing to pay more than $510 million in penalties, the U.S. Department of Justice (DOJ) announced on May 5.

The Swiss corporation also admitted to violating a previous 2014 plea agreement and entered into a separate non-prosecution agreement over related conduct in Singapore.