Swiss Bank Admits Cash and Gold Withdrawals Cheated IRS

  • Lombard Odier to pay $99.8 million to settle tax case
  • Swiss firms have agreed to $1.1 billion in penalties this year

Large cash and gold withdrawals were one way Bank Lombard Odier & Co allowed U.S. clients to sever a paper trail on their assets and cheat the Internal Revenue Service, the Swiss lender admitted, agreeing to pay $99.8 million to avoid prosecution.

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