Wegelin & Co. Must Forfeit $16 Million, U.S. Judge Rules
This article is for subscribers only.
Wegelin & Co., the 270-year-old Swiss bank charged with helping U.S. taxpayers hide more than $1.2 billion from the Internal Revenue Service, was ordered by a U.S. judge to forfeit $16 million.
U.S. District Judge Laura Taylor Swain in Manhattan yesterday entered a default judgment against Wegelin, allowing the government to take the money in Wegelin’s correspondent account in the U.S., held at UBS AG in Stamford, Connecticut.