Wegelin

The bankers allegedly persuaded Americans to transfer assets from UBS by emphasizing that Wegelin, which is based in St. Gallen, Switzerland, had no offices outside of Switzerland and was less vulnerable to U.S. law enforcement pressure, prosecutors said.

U.S.: Swiss Bank Is 'Fugitive' in Tax Case Chad Bray 2012

The bankers allegedly persuaded Americans to transfer assets from UBS by emphasizing that Wegelin, which is based in St. Gallen, Switzerland, had no offices outside of Switzerland and was less vulnerable to U.S. law enforcement pressure, prosecutors said.

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Getty Images Wegelin & Co., Switzerland's oldest bank, allegedly pursued business lines vacated by UBS and another bank.

Swiss Bank Wegelin Indicted on U.S. Tax Charges Chad Bray 2012

U.S. prosecutors filed criminal charges against Switzerland's Wegelin, alleging the bank helped wealthy Americans evade taxes.

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Wegelin also allegedly tried to capture business lost by UBS and another Swiss bank after those banks came under U.S. investigation in 2008 and in 2009, prosecutors said.

Swiss Bank Wegelin Indicted on U.S. Tax Charges Chad Bray 2012

"As managing partners with unlimited liability, we will fulfill our responsibilities and stand by Wegelin's obligations," Wegelin Managing Partner Konrad Hummler told Dow Jones Newswires last week.

Swiss Bank Wegelin Indicted on U.S. Tax Charges Chad Bray 2012

Accessing the foreign-exchange markets is often much easier and cheaper than trading directly in a country's bond or equity markets, said Des Morris , head of U.K. institutional client service at Wegelin Asset Management Funds SICAV—part of Wegelin, Switzerland's oldest bank.

Currencies Lure Traders as Investment Proxy Jessica Mead 2012

Wegelin's half-dozen managing partners will remain with the bank.

Swiss Bank Wegelin Indicted on U.S. Tax Charges Chad Bray 2012

Wegelin Asset Management oversees 1.6 billion Swiss francs $1.68 billion in assets.

Currencies Lure Traders as Investment Proxy Jessica Mead 2012

"Wegelin Bank aided and abetted U.S. taxpayers who were in flagrant violation of the tax code," said Preet Bharara, the U.S. attorney in Manhattan.

Swiss Bank Wegelin Indicted on U.S. Tax Charges Chad Bray 2012