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Lombard Odier Bank Fined $5.3M for Tax Evasion Aid
Lombard Odier & Co. Ltd., a Swiss bank, has been fined $5.3 million by the U.S. government for aiding tax evasion. The bank, which has a history of tax evasion schemes, failed to disclose additional U.S.-related accounts, including 88 new accounts that were not reported at the time of the signing of the non-prosecution agreement in 2015.
The Swiss Bank Program, which was announced in 2013, provided a path for Swiss banks to resolve potential criminal liabilities in the United States relating to offshore banking services provided to U.S. taxpayers. However, Lombard Odier failed to comply with the program’s requirements, leading to the additional fine.
The bank’s failure to disclose the additional accounts was discovered as part of the Swiss Bank Program’s ongoing efforts to analyze the flow of money from closed Swiss bank accounts to banks in other countries. The program has led to the discovery of numerous tax evasion schemes and has resulted in the imposition of over $1.36 billion in penalties, including $99 million from Lombard Odier.
Lombard Odier has acknowledged its failure to disclose the additional accounts and has cooperated with the U.S. government. The bank’s actions demonstrate a clear lack of integrity and a disregard for the law, and it is only fitting that they face consequences for their actions.
The U.S. government’s efforts to combat tax evasion and money laundering are ongoing, and banks like Lombard Odier must be held accountable for their actions. The fine imposed on Lombard Odier is a reminder that tax evasion will not be tolerated and that those who aid and abet it will face severe consequences.
Principal Deputy Assistant Attorney General Richard E. Zuckerman commended the efforts of the Tax Division and the Internal Revenue Service in uncovering the tax evasion schemes and imposing penalties on those responsible parties. He urged banks that have aided and abetted tax evasion schemes to come forward and disclose complete and accurate information about their activities.
Key Facts
- State: Federal
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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