Julius Baer on Thursday agreed to pay nearly $550 million to defer a U.S. tax-evasion prosecution, hours after two of the Swiss private bank's former wealth managers pleaded guilty to planning the conspiracy.
A former Bank Julius Baer official is weighing turning over data on suspected tax cheats to U.S. and Indian officials after the Swiss government declined to investigate his allegations.
Former Bank COO Rudolph Elmer, who has been sued by Julius Baer for allegedly leaking hundreds of the bank's documents suggesting a systemic laxity toward tax evasion and money laundering, said the Swiss laws allow institutions to hide their criminal support for white collar criminals.