Former Credit Suisse Employees Indicted for Role in Hiding Billions for U.S. Customers

Three former Credit Suisse employees and the founder of a Swiss trust company have been charged in the U.S. District Court for the Eastern District of Virginia July 21 with conspiring with other Swiss bankers to defraud the United States by assisting U.S. customers in hiding $3 billion in Swiss accounts, the Justice Department and Internal Revenue Service announced.
The superseding indictment issued July 21 named as defendants Markus Walder, former head of North America Offshore Banking with Credit Suisse; Susanne D. Ruegg Meier, a former manager with the bank; and Andreas Bachmann, a former banker with a Credit Suisse subsidiary. Additionally, Josef Dorig, the founder of a Swiss trust company, was also charged.

Four other defendants—Marco Parenti Adami, Emanuel Agustino, Michele Bergantino, and Roger Schaerer, were charged in a February indictment for their roles in the conspiracy, DOJ said. The bankers engaged in illegal cross-border banking that was designed to assist U.S. customers in evading their income taxes by opening and maintaining secret bank accounts with Credit Suisse or with other Swiss banks, DOJ said. As of 2008, the bank maintained thousands of secret accounts for U.S. customers with as much as $3 billion in total assets under management in those accounts, it said.

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