325:
368:, the bank agreed to pay $ 57.8 million (£36m; €44m, or about 5% of the $ 1.2 billion) in fines to US authorities. At about the same time that the plea agreement was announced, Wegelin & Co. declared that it would close. The Notenstein Privatbank continues to operate from the former Wegelin & Co. headquarters with its former 700 employees. Wegelin agreed to pay $ 57.8 million to the United States in restitution and fines. Otto Bruderer, a managing partner at the bank, said in court that "Wegelin was aware that this conduct was wrong."
37:
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in
Connecticut was fined $ 16 million by the federal courts. The bank argued that it only had branches in Switzerland, not the United States, and was, therefore subject only to Swiss law. In January 2013, Wegelin & Co. admitted to allowing more than 100 American citizens to hide approximately $
443:, on 3 February 2012. Thus, the bank managed to transfer most of its business activities and employees—all non US related—to a legally different entity, Notenstein Privatbank, established by Wegelin & Co. as a subsidiary in 1968, but legally distinct. This subsidiary was also based in the same
426:
College of
Business noted, "Big banks have always been deemed off-limits for criminal prosecution. teaches a lesson to small and mid-sized players but in sad contrast it sends the wrong message to big banks. That they can hide money, be caught, pay a fine and go back to business as usual."
447:
building, as the
Wegelin & Co.'s employees were. The Notenstein Privatbank continues to operate from the former Wegelin & Co. headquarters with Wegelin's former 700 employees. Also, while under a different name and legal identity, the bank's business continues with little impact.
399:"Wegelin was aware that this conduct (of their customers) was wrong ... From about 2002 through to about 2010, Wegelin agreed with certain US taxpayers to evade the US tax obligations of these US taxpayer clients, who filed false tax returns with the
332:
In 2008 the firm was listed as an organisation whose size and manner of organisation suited the description of "boutique personal wealth management". The firm was relatively small, and accordingly operated within a specialized niche market.
321:, which has a good relationship with the bank. The bank managed client assets of over CHF 24 billion (figures dated to January 2012), and according to another source was also managing CHF 3 billion in pensions and moneys of private clients.
317:. Until its 2012 restructuring, the bank employed about 700 staff and had offices in Basel, Bern, Chiasso, Chur, Geneva, Lausanne, Locarno, Lugano, Lucerne, Schaffhausen, Winterthur and Zurich. Many employees came from the local
410:
After pleading guilty in a New York court to helping
Americans evade their taxes, the bank announced that it would close permanently. It was the first non-American bank to plead guilty to tax evasion charges in the United States.
205:
Founded by Caspar Zyli in 1741, the company was renamed
Wegelin & Co. in 1893. The bank's legal name changed multiple times by incorporating the names of the senior personally liable partners. As of 2013, the bank's name was
268:
By 2003 the firm was privately owned by five people, and remained private as of
January 2012. The bank grew from a small bank with only 30 employees in 1990 to 700 employees and 13 offices as of 2011. New offices were opened in
640:
414:
Although it paid millions in fines, a lawyer involved in previous prosecutions of Swiss banks noted, "It is unclear whether the bank was required to turn over
American client names who held secret Swiss bank accounts."
250:"). The company provided banking services from the beginning. In 1798 Zyli's son acquired the Nothveststein building. In 1860 Zyli's nephew Emil Wegelin-Wild became a partner. He concentrated the firm's activities on
345:
in evading taxes on assets totalling over $ 1.2 billion. In early 2012, Wegelin & Co. transferred all its non-US activities, clients, and assets, and almost its entire staff, to its subsidiary
899:
644:
451:
After the transfer of the bulk of its activities including about 700 employees to
Notenstein Privatbank, Wegelin & Co. only had 15 remaining employees as of February 2012.
305:(2011) and other cities. As of 2013, the personally liable partners were Otto Bruderer, Konrad Hummler, Steffen Tolle, Michele Moor, Christian Raubach and Christian Hafner.
265:. Eight partners controlled 80% of the bank, while the Wegelin family owned the other 20%. This management structure was for the most part maintained until the bank closed.
977:
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According to
Reuters, "At the end of , 270-year-old Wegelin said it had moved most of its employees, along with clients and assets of 21 billion Swiss francs, to
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1.2 billion from the
Internal Revenue Service for almost 10 years. The bank agreed to pay $ 57.8m (£36m; 44m euros) in fines to US authorities: a
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All of the offices and branches of Wegelin & Co. are located in Switzerland, and the bank is headquartered in
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American courts convicted Wegelin & Co. of money-laundering and tax evasion, and accordingly the bank's
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In the 1990s, the bank underwent a management buyout orchestrated by one of its managing partners,
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and common practice in Swiss banking, but admitted that their US customers violated US law.
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900:"Switzerland's oldest bank Wegelin to close after pleading guilty to aiding US tax evasion"
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In the New York court, the bank's representatives said the bank's practice was legal under
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by a linen-cloth merchant by the name of Caspar Zyli (1717–1758), and was originally named
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Immobilienwirtschaft aktuell: Beiträge zur immobilienwirtschaftlichen Forschung 2011
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Headquarters of Notenstein Privatbank, successor to Wegelin & Co. in St. Gallen
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Wegelin & Co. Privatbankiers, Gesellschafter Bruderer, Hummler, Tolle & Co.
978:"Tale of Two Swiss Banks: Why Wegelin Failed And UBS Survived Tax Evasion Charges"
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and changed its name to the current one, which originated from Emil Wegelin-Wild.
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The Bankers' almanac and year book: Volume 2 1992 – Retrieved 11 July 2012 →
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over a 10-year period. Although the bank's practice is legal under
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Between 2002 and 2010, Wegelin & Co. assisted citizens of the
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568:"Wegelin & Co. Must Forfeit $ 16 Million, U.S. Judge Rules"
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Lulu Press Incorporated, 30 June 2005. Retrieved 17 July 2012
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542:"Älteste Schweizer Bank Wegelin schließt nach Steuerskandal"
405:—Otto Bruderer, a manager of Wegelin & Co. in NY court.
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736:(Center for Urban & Real Estate Management) Zurich –
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History: From "Nothveststeain" to Notestein Private Bank
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The Practical Guide to Total Financial Freedom, Volume 5
873:"Swiss bank Wegelin to close after US tax evasion fine"
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of $ 15.8 million, and $ 22.05 million in other fines.
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In January 2013, the reduced Wegelin pleaded guilty to
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vdf Hochschulverlag AG, 2011. Retrieved 17 July 2012
349:. Notenstein Privatbank was subsequently sold to the
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The united States Dept. of Justice – 2 February 2012
684:"Wegelin emerges as Switzerland's best-kept secret"
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615:"Raiffeisen Buys Bank Wegelin's Non-US Operation"
592:. Swiss Broadcasting Corporation. 27 January 2012
214:in Switzerland and the 13th oldest in the world.
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481:"Swiss bank Wegelin to close after guilty plea"
995:"Wegelin buyer Raiffeisen cuts US client ties"
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1019:(in German). WOZ. 2012. Archived from
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590:"US tax scandal brings down Wegelin"
976:Touryalai, Halah (4 January 2013),
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845:"Swiss banks' unease over Wegelin"
843:Foulkes, Imogen (4 January 2013).
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962:L Browning 3 February 2012
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966:. Retrieved 10 July 2012
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362:Internal Revenue Service
351:Raiffeisen banking group
319:University of St. Gallen
619:The Wall Street Journal
234:Emil Wegelin (c. 1880s)
1056:7 January 2013 at the
949:Notenstein at a Glance
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30:Wegelin & Company.
1081:47.42631°N 9.377599°E
875:. BBC. 4 January 2013
779:schweizer-banken.info
437:Notenstein Privatbank
420:St. John's University
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373:correspondent account
347:Notenstein Privatbank
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58:Financial services
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1051:Wegelin & Co.
952:, Notestein, 2013
821:. 5 February 2012
621:. 27 January 2012
384:of $ 20 million,
248:freight forwarder
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467:References
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358:conspiracy
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303:Winterthur
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120:Key people
102:St. Gallen
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520:0261-3077
393:Swiss law
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1054:Archived
849:BBC News
551:18 March
525:18 March
491:18 March
455:See also
375:held by
301:(2010),
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277:(2000),
273:(1998),
132:Products
54:Industry
964:Reuters
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690:11 July
625:10 July
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485:Reuters
299:Lucerne
291:Locarno
218:History
186:in the
89:Defunct
79:Founder
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64:Founded
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982:Forbes
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377:UBS AG
287:Geneva
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271:Zürich
114:Global
734:CUREM
283:Basel
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527:2023
516:ISSN
493:2023
295:Chur
289:and
279:Bern
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