Credit Suisse Subpoenaed in Tax Evasion Probe
New York’s top financial regulator has sought numerous documents from Credit Suisse Group AG as it ramps up a continuing tax-evasion probe of the Swiss bank, according to a person familiar with the matter.
The New York Department of Financial Services sent a subpoena last week to Credit Suisse demanding the bank turn over emails, personnel files, travel records, expenses, hard drives and other materials from its New York office, which the agency regulates, this person said.
Credit Suisse has faced a federal probe into whether it aided American clients in helping them hide assets from tax authorities. In February, the Senate Permanent Subcommittee on Investigations released a report that looked at how Swiss banks, including Credit Suisse, helped customers evade U.S. taxes.
Following the release of the report, Benjamin Lawsky, superintendent of the New York Department of Financial Services, initiated an investigation of whether the bank helped clients avoid paying state taxes, the person familiar with the matter previously has said.
Mr. Lawsky’s investigation also is looking at whether Credit Suisse employees made any misrepresentations to his agency, the person said.
The bank earlier this month said it was taking a charge of $528 million mainly related to a criminal tax-evasion investigation by the U.S. Department of Justice.
A spokesman for Credit Suisse didn’t immediately respond to a request for comment. The Financial Times reported on the subpoena earlier Tuesday.