Credit Suisse to pay $511 million for helping U.S. taxpayers hide over $4 billion overseas

Core Points - Credit Suisse Services AG will pay approximately $511 million to settle a criminal case related to conspiring with American taxpayers to conceal over$4 billion in at least 475 offshore accounts [1][2] - The conspiracy enabled ultra-high-net-worth and high-net-worth individual clients to evade U.S. tax obligations from 2010 to 2021, violating a previous plea agreement made in May 2014 [2] - The company pleaded guilty to conspiracy charges in U.S. District Court and entered into a non-prosecution agreement regarding U.S. accounts booked at Credit Suisse AG Singapore [3] - Credit Suisse AG Singapore held undeclared accounts for U.S. persons, with total assets exceeding $2 billion, from 2014 to June 2023 [4]