Market Overview

WhistleBlower–CIC Swiss Bank Aiding Tax Cheats



Another Whistle-Blower from CIC Swiss Bank has come forward and wrote Bank Buzz revealing that CIC Swiss Bank and their Parent are still engaging in helping wealthy French tax cheats set up Swiss Bank Accounts.

Here is the full report from the CIC Swiss Bank Whistle-Blower.

Dear Bank Buzz:

I work at CIC Swiss Bank and after seeing a lot of “wrong conduct” at the Bank, I decided to write and reveal what’s really going on at the Bank. It is quite astounding what CIC Swiss Bank and their Parent are doing.

I have been reading your reports on Bank Buzz Report and have to say that most of the articles on your web site are very accurate and you are doing a service in revealing the truth about really what’s going with World Banks.

Recently, all Swiss Banks apologized for helping tax cheats from the US in setting up secret Swiss bank accounts. On September 3, 2013, Mr. Patrick Odier, from the Swiss Bankers Association Chairman said this:

“It was not because we lacked skills and knowledge that we found ourselves in these unfortunate situations. It was because we acted wrongly and we displayed “wrong conduct”.  I regret this all the more because we have damaged the reputation of the entire Swiss financial centre”.

What Mr. Odier was really lamenting was the fact that the Swiss Banks got caught in their “wrong conduct”.  The only reason this crime was uncovered was not because of FINMA or of Swiss Government oversight, it was because a Whistle-Blower by the name of Mr. Bradley Birkenfield,who worked at UBS Swiss Bank, informed the US authorities about the Banks criminal activities. 

UBS Bank eventually admitted their crimes and paid hundreds of millions in fines to the US Government. However, this is just the tip of the iceberg and there is much more “wrong conduct” going on including wrong doings at CIC Swiss Bank, as well as with their Parent, Crédit Mutuel CIC Group headquartered in Paris, France; as they continue to help wealthy French Tax Cheats. I am sure this is going on with many other Swiss Banks who still have a belief in the sacred code of Swiss Bank Secrecy Laws.

Both CIC Swiss Bank and their Parent have helped, and continue to help, thousands of French Tax Cheats set up secret bank accounts through their wholly owned CIC Swiss Bank. That secret has yet to be revealed by the major news media, which have a long history of covering up for the Swiss Banks. But the news media is not the only culprit, FINMA the Swiss Financial Market Supervisory Authority, who is supposed to be overseeing the Swiss Banks, often times looks the other way when irregularities by Swiss Banks are reported.  In so doing both the media and FINMA are complicit in their crimes,

The main reason Crédit Mutuel CIC Group bought a Swiss Bank years ago was to help wealthy French tax cheats to open Swiss Bank accounts so they could keep that money in their “CIC Banking Group”.  Since buying the Swiss Bank, billions have been transferred by wealthy French Citizens from their CIC French Bank accounts to their CIC Swiss Bank accounts, all made easily possible by the linked ownership of the Banks.

Recently much of those transfers are being facilitated by Mr.Thomas Mueller, the CEO of CIC Swiss Bank and Christopher Ruch, the head of the Banks legal department; with the help of French based facilitator Mr. Philippe Vidal, Chairman of the Board of Crédit Mutuel CIC Group, Paris, France. I have intimate knowledge about this since I have observed these accounts being opened at CIC Swiss Bank originating from Paris.

However, more and more pressure is being put on the Swiss Banks and FINMA. On November 29, 2013, in the Friday edition of the highly respected Neue Zürcher Zeitung newspaper, Mr. Patrick Raaflaub, director of FINMA, was forced to “reluctantly” write the Swiss Banks advising them to comply with the new US law. The Swiss Banks have until the end of 2013 to comply with US law and send them information on any US Citizen that has money in a Swiss Bank. However, a prominent Swiss Attorney said that many banks will not participate in the US programme. I know one Bank that won’t be participating and that is CIC Swiss Bank, because I heard bank officials say so.

As time goes by, I am certain more Whistle-Blowers will be coming forward from different Swiss Banks revealing  more ”wrong conduct”.  In so doing more light will be shined upon their “wrongdoings” and more fines will be paid. However, until corrupt Bank officers are sent to jail for “their crimes”, the crimes will continue because the fines are meniscal compared to the profits being made by the Swiss Banks in the commission of their crimes”. Despite the noble rhetoric of Mr. Odier, it’s not about the reputation of Swiss Banks; it’s all about “The Money”.

CIC Swiss Bank Whistle-Blower


The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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