Swiss Bank Dreyfus Admits U.S. Clients Used Gold Storage to Cheat IRS

Swiss bank Dreyfus Sons & Co, which has operated for two centuries as a private Swiss bank, has reached a pact with the IRS.  Dreyfus avoided U.S. prosecution by agreeing to pay $24.2 million and admitting that they did not implement strict enough controls to ensure that American clients paid their taxes.

Dreyfus Sons was founded in 1813 by a Jewish immigrant from France.  It grew to 7,000 accounts valued at $18.2 billion.  Of those, 855 were U.S. accounts. Dreyfus helped U.S. clients hide assets from the Internal Revenue Service by concealing their true ownership with offshore entities and by storing gold and cash in a segregated area of its vaults, according to the agreement reached with the United States Justice Department.

The Justice Department has been extremely dilligent in its pursuit of U.S. citizens and residents who have unreported income and assets abroad.  We recommend that if you have undeclared assets abroad, you should take action immediately.