Partner Jeffrey Alberts, head of Pryor Cashman's White Collar Defense and Investigations Practice, was quoted in a Law360 article entitled, "5 Takeaways from Credit Suisse’s $2.6B Tax Evasion Fine."

The article discusses Credit Suisse AG’s recent guilty plea and agreement to pay a $2.6 billion fine for helping U.S. citizens evade taxes, which has implications for both banks and individuals.

One noteworthy takeaway is that it isn't too late for people with undisclosed bank accounts at Credit Suisse to sign up for an IRS program that allows taxpayers with hidden accounts to voluntarily disclose their assets, but taxpayers should act immediately before prosecutors find them. According to Alberts, Credit Suisse’s guilty plea should provide a reality boost for those individuals. "If they don’t try to get into these programs, it’s likely that governments will turn over the information, and it’s likely that prosecution will occur. If a citizen continues to willfully avoid compliance, prosecutors will take a more serious and aggressive posture."

To read the article in its entirety, please click here.