Julius Baer will on Thursday resolve a U.S. criminal probe into its role in helping wealthy Americans to evade taxes by paying a fine and admitting wrong-doing in its U.S. dealings, media reported.
The move comes as two Baer bankers, Daniela Casadei and Fabio Frazzetto, travel to the U.S. to face charges that they set up sham accounts or used fictitious names like «Hydrangea» or «Red Rubin» to shield U.S. funds from tax, «Bloomberg» reported on Wednesday.
Baer won’t plead guilty, like larger rival Credit Suisse did in 2014, nor will it have a monitor as part of its deferred prosecution agreement, which sets aside the criminal probe.
It will however admit wrongdoing in helping Americans evade tax, and pay a previously disclosed $547.24 million fine.
A spokesman for Julius Baer declined to comment on Thursday.
