Two Swiss bankers plead not guilty in US process over tax fraud

Two bankers with Swiss lender Zuercher Kantonalbank (ZKB) pleaded not guilty on Monday to charges they conspired to help American clients and others hide more than $420 million in offshore accounts from U.S. tax authorities, Reuters reported.
The two men, along with a third employee of the bank ZKB, were among those charged by US authorities in cases related to offshore tax evasion by wealthy Americans using Swiss banks. They stand accused of having helped to hide at least $423 million (CHF429 million) in US taxpayer assets for nearly 200 clients between 2003 and 2009.  

On Monday, both ZKB bankers were released on bonds of $150,000 and ordered to remain in New York. Prosecutors in court said they were in talks with the defendants about resolving the case, as the agency reported. 

The indictment said that both men helped clients open and maintain undeclared accounts using codenames or in the names of sham entities and ensured that mail relating to the accounts was not sent to their American clients in the United States.

Representatives for ZKB did not immediately respond to a request for comment. Earlier this year, the bank's annual report said it was cooperating with authorities and working toward a settlement.