Wegelin & Co. Privatbankiers, Gesellschafter Bruderer, Hummler, Tolle & Co.

On 2 February 2012 Wegelin & Co. was indicted for conspiring with United States taxpayers and others to hide more than $1.2 billion in secret accounts and the income these accounts generated from the Internal Revenue Service (IRS). At the same time, the US government seized more than $16 million from Wegelin’s correspondent bank account in the United States.

In January 2012, Wegelin & Co. moved most of its employees, along with its non-US clients and assets to Notenstein Privatbank.

In January 2013, Wegelin Bank pleaded guilty to allowing more than 100 American citizens to hide $1.2 billion from IRS. Although this practice is legal under Swiss law, the bank agreed to pay $57.8 million in fines to the United States authorities. At about the same time Wegelin & Co. announced that it would close.

Bank Category
Private bankers who do not actively seek deposits from the public

Wegelin & Co. Privatbankiers, Gesellschafter Bruderer, Hummler, Tolle & Co. participates in deposit guarantee scheme of Switzerland. This scheme covers accounts up to 100 000 CHF per bank per depositor.

Wegelin & Co. Privatbankiers, Gesellschafter Bruderer, Hummler, Tolle & Co. was headquartered in St. Gallen.

Address
St. Gallen, Switzerland
Founded
1741
Closed
2013

Deposit Guarantee

Deposit Guarantee
Yes (up to 100 000 CHF per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Switzerland are obliged to participate in Swiss deposit guarantee scheme.

In the case of Wegelin & Co. Privatbankiers, Gesellschafter Bruderer, Hummler, Tolle & Co. failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Eligible Depositors  private individuals, commercial enterprises and public-sector offices
Covered Accounts  credit balances (e.g. personal accounts, savings accounts, investment accounts, salary accounts, numbered accounts, deposit accounts and current accounts)
Covered Currencies  all
Maximum Protected Amount  100 000 CHF
Paid In Currency  CHF

Further Information