MANHATTAN (CN) - Bank Julius Baer of Switzerland will pay $547 million to the United States by Tuesday for knowingly helping U.S. citizens dodge their taxes for years, in a deferred prosecution agreement with the Department of Justice.
The agreement includes forfeiture of $219.3 million in cash already seized by the government. Baer will pay the money under parallel criminal and civil cases in Federal Court.
In addition, two Baer client advisers pleaded guilty Thursday to federal informations accusing them of conspiracy to defraud the IRS and to "overt acts." Each faces up to 5 years in prison at their Aug. 12 sentencings.
Daniel Casadei and Fabio Frazetto were charged in 2011 ; both were at large until they turned themselves in on Tuesday. Casadei, 52, is Swiss; Frazetto, 42, Italian.
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.
Additional Reads
-
EU gains trillions in revenue — and debt April 22, 2024 -
Alaska, Hawaiian Airlines April 17, 2024
-
-
Contributor-Test-Post-2024-04-12 April 12, 2024