Ex-Credit Suisse client pleads to hiding $90 million from US

David Voreacos

Bloomberg

A former <a href="https://fortune.com/company/credit-suisse-group/" target="_blank">Credit Suisse Group</a> AG client pleaded guilty to a tax evasion conspiracy in which she and family members concealed $90 million from the Internal Revenue Service through undeclared accounts in Switzerland, Israel, Andorra and Panama.&nbsp;<div class="paywall-selector"></div><div class="paywall">



Gilda Rosenberg, a Florida businesswoman,&nbsp;<a href="https://www.justice.gov/opa/pr/florida-woman-pleads-guilty-conspiring-family-hide-irs-more-90m-offshore-bank-accounts" target="_blank" rel="noreferrer noopener">admitted</a>&nbsp;Monday in Miami federal court that she conspired to defraud the US, evade taxes and fail to file foreign bank account reports, also known as FBARs. Her family held about 15 accounts at Credit Suisse — now owned by <a href="https://fortune.com/company/ubs-group/" target="_blank">UBS Group</a> AG — between 1979 and 2013, according to a 27-page statement of facts in the case.&nbsp;



The plea comes after the administration of former President Joe Biden tried to reach a settlement with UBS over whether Credit Suisse violated a 2014 plea deal related to the bank’s efforts to help clients hide assets from the IRS. The talks stalled before President Donald Trump took office.&nbsp;



Victor A. Jaramillo, a lawyer for Rosenberg, said “Gilda looks forward to putting this matter behind her and moving forward with her life.” UBS declined to comment on the case.&nbsp;



US prosecutors had spent years investigating whether Credit Suisse breached the 2014 plea deal in which it paid $2.6 billion and said it helped thousands of Americans evade taxes. A 2023 report by the Senate Finance Committee detailed “major violations” of the plea agreement, which required the bank to identify undeclared US accounts to the IRS.&nbsp;



The report said the bank failed to fully disclose US assets despite having identified “thousands of previously undeclared accounts” valued at more than $1.3 billion. While the&nbsp;<a href="https://www.bloomberg.com/news/articles/2023-03-29/credit-suisse-still-aiding-tax-evasion-us-senate-panel-says" target="_blank" rel="noreferrer noopener">report</a>&nbsp;doesn’t name the Rosenbergs, it describes how the bank helped a family of dual citizens of the US and Latin American country evade taxes.&nbsp;



According to court documents in the Miami case, the family transferred about $90 million in assets in 2012 and 2013 to four other offshore banks without telling the IRS, and Rosenberg signed a 2012 document in which she falsely denied she was a US citizen. &nbsp;



Some of the banks, including Credit Suisse, knew that the Rosenbergs owed US taxes, according to the statement of facts.



In a separate case last year, she pleaded guilty in Texas to conspiracy to commit wire fraud involving a Miami vending machine company she owns. She is scheduled to be sentenced later this year.&nbsp;



Since the bank’s 2014 guilty plea, other US clients of Credit Suisse have been charged in tax cases. In 2016,&nbsp;<a href="https://www.bloomberg.com/news/articles/2021-04-27/credit-suisse-pressed-by-senator-on-200-million-in-tax-scandal" target="_blank" rel="noreferrer noopener">Dan Horsky</a>&nbsp;pleaded guilty to hiding more than $200 million in assets from the IRS. A Brazilian-American businessman, Dan Rotta, was&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-03-21/ex-credit-suisse-client-indicted-over-hiding-money-from-irs" target="_blank" rel="noreferrer noopener">indicted</a>&nbsp;last year for allegedly using Credit Suisse, UBS and other Swiss banks to hide more than $20 million in assets from US tax authorities over 35 years.&nbsp;



Rotta, who had pleaded not guilty, is scheduled to change his plea at a court hearing on March 17, according to an electronic notice posted Monday. A lawyer for Rotta didn’t immediately respond to a request to comment.</div>

Since the bank’s 2014 guilty plea, other US clients of Credit Suisse have been charged in tax cases.

Did your workplace make our list of the World's Most Admired Companies?
<a href="https://fortune.com/ranking/worlds-most-admired-companies/?&itm_source=fortune&itm_medium=article_tout&itm_campaign=DecJanMag">Explore this year's list.</a>

F-Wire

Banks

Finance

Ex-Credit Suisse client pleads to hiding $90 million from US | Fortune

Marco Quiroz-Gutierrez

CEOs haven’t felt this pessimistic about American business conditions since spring 2020, when the deadly coronavirus sent everyone home from work

/2025/03/11/ceos-pessimistic-us-economy-donald-trump-tariffs-uncertainty-covid19-pandemic/

Preston Fore

BlackRock CEO Larry Fink holds up two pinched fingers while speaking.

BlackRock CEO sounds the alarm to Trump on the scarcity of this skilled trade profession—but Gen Z may be able to save the day

/2025/03/11/skilled-trade-shortage-blackrock-ceo-larry-fink-gen-z-trump/

Greg McKenna

A man wearing a Trump hat and shirt, along with his red trading uniform, looks to his right on the floor of the New York Stock Exchange.

Goldman Sachs’ chief economist just downgraded the entire U.S. economy as Trump’s latest tariff salvo rattles markets

/2025/03/11/goldman-sachs-chief-economist-downgrades-entire-us-economy-trump-tariffs-markets/

Chris Morris

Tesla owners offloading their cars over Elon Musk backlash are in for a nasty surprise

/2025/03/11/tesla-resale-prices-elon-musk-backlash/

CFO Brew

Finance leaders are losing faith in Trump’s economy, with optimism plummeting 20% since last quarter. ‘There are a lot of warning signs right now’

/2025/03/11/finance-leaders-losing-faith-in-trump-economy-warning-signs/

Christine Benz of Morningstar

The Associated Press

A jar with a label saying "401K" is on its side with money spilling out

This common 401(k) mistake could cost you thousands of dollars a year. Here’s how to roll over to maximize retirement savings

/2025/03/11/this-common-401k-mistake-could-cost-you-thousands-of-dollars-a-year-heres-how-to-roll-over-to-maximize-retirement-savings/

Ani Freedman

This gastroenterologist says probiotics are 'a waste of money.' Here’s what you should be doing instead

https://fortune.com/well/article/probiotics-bloating-gut-health-fiber-diet/?itm_source=parsely-api

Phil Wahba

Here’s why the CEOs of major retailers like Walmart, Gap and Target are sounding so calm about Trump’s tariff standoff

https://fortune.com/2025/03/10/trump-tariffs-retail-ceos-react-soun-calm-walmart-gap-target-home-depot/?itm_source=parsely-api

Josh Hoffman

Kevin Katari

The California crisis in homeowners insurance has only one real solution

https://fortune.com/2025/03/10/california-homeowners-insurance-crisis/?itm_source=parsely-api

Sasha Rogelberg

Fired NIH workers fear bleak job prospects in the private sector because their research is too specific to be retrofitted: 'No VC is going to fund that'

https://fortune.com/2025/03/11/fired-nih-workers-bleak-jobs-private-sector/?itm_source=parsely-api

Eleanor Pringle

Heiress Lynsi Snyder became President of In-N-Out aged 27. She's been betrayed by colleagues but refuses to have 'emotional distance' with her team 

https://fortune.com/2025/03/10/heiress-lynsi-snyder-in-n-out-burgers-leadership-staff-relationships/?itm_source=parsely-api

Beatrice Nolan

Elon Musk's DOGE is reportedly automating government tasks with an AI chatbot as it continues to slash the federal workforce

https://fortune.com/2025/03/10/elon-musk-doge-automating-government-tasks-ai-chatbot-slash-federal-workforce/?itm_source=parsely-api