On May 19, Credit Suisse AG pled guilty to one count of conspiracy to aiding U.S. taxpayers in the filing of false tax returns. As part of the resolution between Credit Suisse and the Department of Justice, the bank agreed to pay $2 billion in restitution and fines, a resolution that is subject to approval by the court.
In exploring the reasons why the Department of Justice decided to criminally charge Credit Suisse, New York principal Daniel Levy explained that, “Among other things, prosecutors are required to consider the company’s compliance program and the quality of its cooperation in determining how to proceed. Here, the government thought that Credit Suisse’s compliance program and cooperation were subpar.”
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