On February 4, Zurich-based Bank Julius Baer & Company entered into a DPA, agreeing to pay $547 million and admitting that it knowingly assisted many of its U.S. taxpayer clients in evading their tax obligations under U.S. law. Two of the bank’s financial advisors, Daniela Casadei and Fabio Frazzetto, pleaded guilty to conspiring to help U.S. taxpayers hide their assets in offshore accounts.  Both individuals had been previously charged in 2011 but remained at large until earlier this month.  According to the government, evidence showed that the bank opened and maintained undeclared accounts for U.S. taxpayers and allowed third-party asset managers to open undeclared accounts for U.S. taxpayers at the bank.  In announcing the DPA, DOJ noted that the bank had voluntarily approached U.S. authorities to disclose the conduct, conducted a comprehensive internal investigation—keeping DOJ apprised of the facts in real time—and encouraged certain employees, including Casadei and Frazzetto, to cooperate with DOJ and accept responsibility for their participation. United States v. Bank Julius Baer & Co. Ltd., 11-cr-866 (S.D.N.Y.).

(http://www.justice.gov/opa/pr/criminal-charges-filed-against-bank-julius-baer-switzerland-deferred-prosecution-agreement)