WASHINGTON – The U.S. Justice Department says it has indicted Switzerland's oldest private bank, claiming it conspired with Americans and others to hide more than $1.2 billion in client assets from the Internal Revenue Service.
Justice officials said Thursday that they also seized more than $16 million from Wegelin & Co.'s correspondent bank in the U.S.
The move comes about a month after U.S. authorities indicted three client advisers at the St. Gallen, Switzerland-based bank on similar charges.
Wegelin has denied violating Swiss law over the past decade.
Last month, it said it was preparing for an expected dispute with U.S. tax officials.
It also has taken steps to sell most of its business to Raiffeisen Group.
An email seeking comment from Raiffeisen was not immediately returned Thursday.
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