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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Fort Worth-based Woodmont plans $80M Hard Rock Hotel retail center

Woodmont Outlets of Fort Worth, an affiliate of The Woodmont Co., has partnered with Cherokee Nation Businesses for a proposed upscale retail development at Hard Rock Hotel & Casino Tulsa.

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Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

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Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

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Credit Suisse pleads guilty in tax evasion case

 

By Evan Perez

NEW YORK (CNN) – Swiss bank Credit Suisse pleaded guilty on Monday to federal charges that it illegally allowed some U.S. clients to evade their taxes.

The guilty plea settles a long-running probe by the Justice Department.

Attorney General Eric Holder said the bank "engaged in an extensive and wide- ranging conspiracy to help U.S. taxpayers evade taxes."

The Justice Department said that Credit Suisse, for a period of time spanning decades and continuing through 2009, "operated an illegal cross-border banking business" to help thousands of banking clients conceal their income from the IRS.

The bank will pay a total of $2.6 billion to the federal government and New York financial regulators as part of the settlement. Holder said Credit Suisse has also "fundamentally changed" its business practices.

Officials hailed the guilty plea as a major milestone – the first such plea by a bank in decades.

But missing is any agreement by Credit Suisse to provide names of the U.S. clients who allegedly used the bank to hide money from the IRS.

In 2009, Swiss bank UBS settled similar charges and paid $780 million, while also agreeing to provide names of thousands of customers.

For years, prosecutors shied away from charging banks with crimes because of fear that they could lose their charters and go out of business.

However, as part of the Credit Suisse guilty plea agreement, U.S. banking regulators have agreed not to try to pull the bank's license to do business in the United States.

In a statement, Credit Suisse CEO Brady Dougan said the bank "deeply regret(s) the past misconduct that led to this settlement."

The Justice Department has been criticized for its inability to bring major prosecutions related to the global financial crisis, and the shoddy banking practices that nearly sank several major banks. The Credit Suisse deal will likely do little to quiet that criticism, as the conduct involved is not related to the financial crisis.

Credit Suisse bankers used novel ways to help clients hide money in offshore accounts. The bank allegedly opened a branch at the Zurich airport, equipped with a special elevator to whisk clients to private banking suites. The arrangement allowed customers to do their banking quickly before hitting the Alpine ski slopes.

CNNMoney's Jennifer Liberto and Katie Lobosco contributed to this report.
 

 

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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?