DOJ Opens Criminal Investigation Into Credit Suisse Undisclosed Foreign Account Holders

Posted in Press Releases on July 19, 2011 | Share

Credit Suisse is in negotiations with the U.S. Department of Justice in order to avoid the same penalties that UBS had to endure in 2009. Kevin E. Thorn believes there is a high likelihood of undisclosed foreign account older names being disclosed because of these developments.

Washington, DC (PRWEB) July 19, 2011 -- On July 14, 2011, Credit Suisse received a formal letter from the U.S. Department of Justice, stating that the U.S. agency has opened an investigation into the bank for improper offshore banking practices. Credit Suisse has long assured their clients that they will not suffer the same fate as its rival Swiss counterpart, UBS, but it seems those assurances may be incorrect.

International taxation attorney at law believes, U.S. taxpayers who are clients of Credit Suisse and have entered into the 2011 Offshore Voluntary Disclosure Initiative have nothing to fear as they have voluntarily come forward first through the amnesty program. For those who have not yet voluntarily disclosed their offshore accounts, it is almost certain that Credit Suisse will be facing more pressure to turn over U.S. clients’ names in the near future, and now U.S. account holders have a heightened risk of exposure to increased civil penalties and possible criminal investigations.

Kevin E. Thorn, Managing Partner of Thorn Law Group, a law firm that represents many taxpayers throughout the U.S. and around the world with undisclosed offshore accounts and many Credit Suisse account holders, believes that “the ramifications for U.S. taxpayers with undisclosed Credit Suisse accounts are great. Credit Suisse will likely turn over their U.S. clients’ names in order to aid the U.S. agencies’ investigation and will result in giving the DOJ more ammunition to open criminal investigations against these taxpayers.” Thorn continues, “In order to avoid a possible criminal investigation, U.S. taxpayers should enter into the IRS amnesty program, however, the 2011 Offshore Voluntary Disclosure Initiative is only open until August 31, 2011.”

Mr. Thorn encourages all U.S. taxpayers to, “contact a tax controversy attorney immediately in order to assess and minimize their civil and criminal exposure throughout the Credit Suisse investigations. The deadline for the 2011 Offshore Voluntary Disclosure Initiative is one months away.”

Undisclosed Credit Suisse account holders should come forward through the 2011 IRS Voluntary Disclosure Program before the bank turns over its clients’ names. Criminal investigations initiated by the Department of Justice regarding undisclosed offshore accounts can result in significantly greater financial penalties and the possibility of incarceration. Immediate action and experienced tax law representation is needed to voluntarily disclose your account in order to avoid criminal prosecution.

For additional information on the news that is the subject of this release, contact Kevin E. Thorn, Managing Partner of Thorn Law Group at 202-270-7273 or visit us at

About Thorn Law Group, PLLC:

Thorn Law Group, PLLC is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems.

Kevin E. Thorn, Managing Partner
Thorn Law Group, PLLC

Thorn Law Group

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