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Ebby Halliday acquires Fort Worth’s Williams Trew

Williams Trew Real Estate of Fort Worth has been acquired by Dallas-based residential real estate brokerage Ebby Halliday Real Estate Inc.

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Meridian Bank Texas parent acquired by UMB Financial for $182.5M

Kansas City, Mo.-based UMB Financial Corp., the parent company of UMB Bank, said Dec. 15 it has signed a definitive agreement to acquire Marquette Financial Companies in an all-stock transaction.

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T&P Warehouse: Historic building remains in limbo as area redevelops

For years, the historic T&P Warehouse on West Lancaster Avenue downtown, built in 1931 to house freight for the Texas Pacific Railway, has sat vacant and deteriorating.

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Cousins Properties to sell 777 Main tower in downtown Fort Worth

Cousins Properties Inc. has confirmed plans to sell the 777 Main office tower in downtown Fort Worth, according to a news release from the Atlanta-based real estate investment firm.

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Glen Garden sale closes, distillery on tap

Firestone & Robertson Distilling Co. closed late Wednesday on its purchase of the historic Glen Garden Country Club in southeast Fort Worth, with plans to convert it into a whiskey distillery and bucolic visitor attraction.

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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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