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.
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.