SWISS BANK TARGETED BY UNITED STATES TAX AUTHORITIES TO ABRUPTLY CLOSE ITS DOORS
Bank Frey & Co AG, a Swiss financial institution under investigation for banking US taxpayers, announced that it will "cease business activity."
The announcement stated that the banks was financially sound, and will not be liquidated.
The stated reasons for the closing( direct quotes):
(1) Increasingly difficult market conditions.
(2) Ever-growing regulations and the unsustainable requirements that smaller private banks are required to comply with.
(3) The [Swiss] tax dispute with the USA.
Though Bank Frey is not currently under indictment in the United States, this action may have taken place at this time due to the recent guilty plea of Swiss-American attorney Edgar Paltzer, in US District Court in New York City,* to Conspiracy to Commit Tax Fraud, in connection with accounts of US taxpayers in the bank. It appears that Paltzer is cooperating with American authorities.
Readers who did not see the original article covering the New York Federal case can find it here**.
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