US prosecutors have argued that a banker working for a now-defunct firm, Bank Frey, must appear in a New York court if he wishes to obtain bail in connection with allegations he helped people evade taxes.

US prosecutors have argued that a banker working for a now-defunct firm, Bank Frey, must appear in a New York court if he wishes to obtain bail in connection with allegations he helped people evade taxes, a report said.

Stefan Buck, who was Bank Frey & Co.’s head of private banking in Switzerland and an executive board member, was indicted in April 2013 on a charge of conspiring to help clients hide millions of dollars in offshore assets from the Internal Revenue Service. A report by Bloomberg yesterday said that the banker, who has not appeared in federal court in New York, sought on 18 November for a bail package without leaving Switzerland, which doesn’t extradite citizens for tax offences.

The report said prosecutors urged a judge to deny Buck’s request, saying he’s a fugitive, despite his claims to the contrary.

Bank Frey said last October that it was closing its doors, arguing that the cost of serving Americans had become excessively expensive. It has become the latest casualty of a US crackdown on Swiss banks providing US persons with offshore accounts. In its October statement, Bank Frey said it was financially healthy and would not be liquidated. The bank’s website now says: “Frey & Co. Administration AG is the successor company of Bank Frey & Co. AG. The purpose of the company is the management and administration of rights and obligations in connection with the former activities of Bank Frey & Co. AG.”

The news service report on the Buck issue quoted the US authorities as saying he “could and should travel to the United States, make an appearance, and then, if he wishes, make a legitimate bail application”.

The case is US v Paltzer, 13-cr-00282, U.S. District Court, Southern District of New York, the report added.