Bank Leumi Group hasadmitted to helping mostly Jewish US taxpayers hide assets and agreed to pay a $400million fine to settle a criminal probe, the Department of Justiceannounced Monday.From at least 2000 untilearly 2011, Leumi sent private bankers from Israel and elsewhere tomeet with US taxpayers and help them conceal assets at Leumi locationsin Israel, Switzerland and Luxembourg.Leumi, a unit of Bank Leumi, also helped US taxpayers prepareand present false tax returns, prosecutors said. Bank Leumi had beennegotiating for months with the US Department of Justice and New Yorkstate to settle an investigation of possible tax evasion.The bank will pay the US government a total of $270 million and the state department will receive $130 million.As part of a deferredprosecution agreement, Leumi agreed to supply information on more than1,500 US account holders. The lender also fired some senior employeeswho engaged in misconduct and agreed to have an independent monitorreview its compliance programs, the New York State Department ofFinancial Services said in a statement."This deferred prosecution agreement demonstrates both that theJustice Department will hold financial institutions accountable fortheir crimes, and that we will be fair in recognizing extraordinarycooperation."Bank Leumi Luxembourg and Leumi Private Bank will also cease toprovide banking and investment services for all accounts held by UStaxpayers, the Justice Department said in a statement."The Bank Leumi Group recognized that the writing is on the wallfor offshore banking, and cooperating with the government'sinvestigation was the only way to proceed," said Deputy Attorney GeneralJames Cole.The Justice Department said the case marks the first time an Israeli bank has admitted to such criminal conduct.Read more www.ynetnews.com/articles/0,7340,L-4606739,00.html