Share
LOS ANGELES — One of Israel’s largest banks has agreed to pay $195 million for helping U.S. citizens avoid paying taxes by stashing their assets in offshore accounts.
The U.S. attorney’s office says Mizrahi-Tefahot Bank Ltd. and two subsidiaries acknowledged guilt Tuesday in a deferred prosecution agreement with the Department of Justice filed in a California court.
The bank has more than 4,000 employees and a Los Angeles branch.
In court documents, Mizrahi-Tefahot acknowledged that from 2002 until 2012 it conspired with U.S. clients to avoid taxes on assets and securities by opening and maintaining offshore accounts under false or code names or through foreign entities.
The bank agreed to pay the government $53 million in restitution, plus the $24 million in fees it earned from the transactions and a $118 million fine.
RELATED TOPICS:
Trump’s Potential VP Pick Boasts About Executing Puppy
18 hours ago
Trita Parsi: Blind Support for Israel Erodes Western Democracies
18 hours ago
Fresno Trash Hauler’s Response to Overpayments: We Followed the City’s Rules
18 hours ago
Which Six QBs Were Selected in the Top 12 of the NFL Draft?
18 hours ago
Nuggets Close to Sweeping Lakers After Game 3 Win
19 hours ago
Jose Ramirez: ‘I Want to Make a Statement and Put on a Show’
19 hours ago
Yoshinobu Yamamoto’s 6 Shutout Innings Help Dodgers Finish Sweep, Defeat Nats 2-1
20 hours ago
The 49ers Add Florida Receiver Ricky Pearsall With the 30th Draft Pick
20 hours ago
Political Stunt, Egg on His Face, Personal Vendetta. Who’s Fresno DA Talking About?
21 hours ago
California Legislation Wants to Uncover the ‘Hidden Homicides’ of Domestic Violence