Banque Pictet's Admission: Assisting U.S. Taxpayers in Hiding Billions

Swiss private bank Banque Pictet et Cie SA has admitted to conspiring with U.S. taxpayers to hide over $5.6 billion in secret bank accounts in Switzerland and elsewhere, as well as concealing the income generated in those accounts from the IRS. The bank has entered into a deferred prosecution agreement and will pay approximately $122.9 million to the U.S. Treasury. This case is part of the Justice Department's ongoing investigations into offshore U.S. tax evasion by foreign banks.