Swiss bankers guilty of tax fraud avoid jail


ASSOCIATED PRESS: In return for their cooperation, the two former Swiss bankers will get probation for their roles in a tax fraud scheme that withheld billions in potential government revenue.

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ASSOCIATED PRESS: In return for their cooperation, the two former Swiss bankers will get probation for their roles in a tax fraud scheme that withheld billions in potential government revenue.

Prosecutors in U.S. District Court in Alexandria recommended probation for the two men, Andreas Bachmann and Josef Dorig. The two were among eight former employees of Zurich-based Credit Suisse and its subsidiaries who were indicted in 2011. The other six remain at large. Bachmann and Dorig voluntarily came to the U.S. to face charges and have cooperated with prosecutors’ investigation. Last year, Credit Suisse pleaded guilty to aiding U.S. tax evaders and agreed to pay about $2.6 billion to the U.S. government and regulators.

The recommendation for probation came despite the fact that federal sentencing guidelines called for prison terms of more than four years. Judge Gerald Bruce Lee could have imposed a prison sentence despite prosecutors’ recommendation, but chose not to.

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