On June 22, Michele Bergantino, a former banker at Credit Suisse AG, pled guilty in the Eastern District of Virginia to conspiring to defraud the United States by assisting American taxpayers to conceal foreign accounts and evade U.S. taxes. Bergantino, who oversaw a portfolio of approximately $700 million in assets, attempted to avoid detection by facilitating discrete withdrawals of cash for his clients from Credit Suisse’s office in the Bahamas, removing information related to account ownership, and lying to U.S. customs officials about the purpose of his visits to clients in the United States. Bergantino’s tactics caused the government to lose between $1.5 and $3.5 million in tax revenue, and he now faces up to five years of jail time in addition to fines and penalties. United States v. Adami, 11-cr-95 (E.D. Va.). DOJ Press Release.