Tag Archive for Bank Leumi

US gov’t fines Israel’s Bank Leumi $400m in tax fraud case

Israeli financial institution admits tax evasion charges and agrees to pay $400m settlement to end probe of decade-long effort to fraudulently conceal US citizens’ assets.



Bank Leumi Group has admitted to helping US taxpayers hide assets and agreed to pay a $400 million fine to settle a criminal probe, the Department of Justice announced Monday.

Bank Leumi branch in Tel Aviv

Bank Leumi branch in Tel Aviv

From at least 2000 until early 2011, Leumi sent private bankers from Israel and elsewhere to meet with US taxpayers and help them conceal assets at Leumi locations in Israel, Switzerland and Luxembourg.

Leumi, a unit of Bank Leumi, also helped US taxpayers prepare and present false tax returns, prosecutors said. Continue Reading »