Wegelin Co, the oldest Swiss private bank, is to shut its doors permanently after more than 2½ centuries following its guilty plea to charges of helping wealthy Americans evade taxes through secret accounts.

The plea, in US District Court in Manhattan, marks the death knell for one of Switzerland’s most fabled banks, whose original European clients pre-date the American Revolution.

Wegelin admitted charges of conspiracy in helping Americans evade taxes on at least $1.2 billion for nearly a decade. It agreed to pay $57.8 million to the US in restitution and fines.– (Reuters)