Credit Suisse hit by tougher tax evasion probe
NEW YORK regulators have stepped up their investigation into claims Credit Suisse helped clients evade taxes, it emerged yesterday.
The New York Department of Financial Services (DFS) last week subpoenaed the Swiss bank, requesting documents which may give evidence for the probe.
It is looking for emails, travel records, expenses, calendar entries and other records relating to the bank’s operations, a source with knowledge of the situation told Morning Wire
In particular the DFS wants information on the actions of Credit Suisse’s New York boss Roger Schaerer, as well as other senior staff in the office.
The regulator, which was set up in 2011 and is headed by Benjamin Lawsky, also wants to see if the bank misled it with previous statements on the tax evasion claims and on any other occasions.
It hopes to receive the requested information later this month.
Credit Suisse and the New York DFS declined to comment on the investigations.
The bank’s chief executive Brady Dougan appeared at a Senate hearing on the alleged tax evasion in February.
Dougan said the bank has closed down thousands of accounts which did not comply with US tax laws.