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Swiss Private Bank Shuts After US Tax Probe
Sandra Kilhof
18 October 2013
, once Switzerland's oldest bank, shut its doors
earlier this year after being indicted by the US and consequently pleading guilty
to helping Americans avoid paying taxes. While no charges have been filed against Bank Frey, US
authorities have indicted Stefan Buck, the bank's former head of private
banking, for aiding tax evasion. Edgar Paltzer, an attorney at Swiss law firm
Niederer Kraft & Frey, where Bank Frey founder Markus Frey served as a
partner, was named in the same indictment. Paltzer consequently pleaded guilty
to a single count of conspiracy and is scheduled for sentencing next year.