NY regulator probes Credit Suisse


By Melissa Lesh

08 April 2014 at 10:20 BST


The New York Department of Financial Services (DFS) is investigating Credit Suisse's role in helping clients evade state taxes and whether the Swiss bank misled regulators about practices within the New York branch.

The New York DFS is investigating Credit Suisse's role in helping clients evade state taxes. Pincasso

Credit Suisse reported that its New York office served as an “outpost” to connect Swiss clients in the US, but the DFS found a 2007 internal bank document describing the office as a place to ‘solicit new business.’  In 2009—the same year that UBS was fined $780m and involved in aiding tax evasion—the New York office closed.  Credit has budgeted SFr720m ($110m) so far to deal with the Department of Justice criminal investigation.  Source:Financial Times

 
   
 
 
 

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