Ex-Credit Suisse Client, 83, Admits to Hiding $5.7 Million (Aug. 2012)

An 83-year-old Massachusetts man who held Swiss bank accounts at Credit Suisse Group AG and Wegelin & Co. pleaded guilty to hiding $5.7 million from U.S. tax authorities. He will pay civil penalties of $2.84 million and restitution of $419,940. Under advisory guidelines, he faces 30 months to 37 months in prison at sentencing on Dec. 20.

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