Ex-UBS, Credit Suisse banker pleads guilty in U.S. tax probe

Tue Nov 6, 2012 8:57pm IST

Related Topics

Stocks

   

REUTERS - A former banker at giant Swiss financial institutions UBS AG UBSN.VX and Credit Suisse Group AG (CSGN.VX) pleaded guilty on Tuesday to helping wealthy Americans hide millions of dollars from U.S. tax authorities during his time at UBS.

In a key case in a U.S. government crackdown on offshore tax evasion, Christos Bagios changed his plea to guilty in a court in Florida. He had earlier pleaded not guilty. Lawyers said the change in plea, which had been expected, likely indicated Bagios was cooperating with U.S. authorities.

A Greek citizen and Swiss resident, Bagios worked at UBS from 1999 to 2005. He was a senior banker at Credit Suisse when he was arrested last year and later charged with aiding 150 Americans hide up to $500 million during his time at UBS.

(Reporting Kevin Gray and Lynnley Browning; Editing by Kevin Drawbaugh and Gerald E. McCormick)

FILED UNDER:

REUTERS EXCLUSIVE

Reuters Showcase

Documents' Leak

Documents' Leak

India widens oil leaks probe to defence ministry  Full Article 

Jim O’Neill Interview

Jim O’Neill Interview

'India can become world’s fifth-largest economy by decade’s end'  Full Article 

Food Security

Food Security

India will not cut multi-billion dollar food handout programme - PM  Full Article 

Ola's Expansion Drive

Ola's Expansion Drive

Taxi group Ola steps up expansion drive  Full Article 

Sahara Saga

Sahara Saga

Sahara's Grosvenor House hotel in London put up for sale   Full Article 

Suzlon Energy

Suzlon Energy

Suzlon expects to turn profitable in fiscal 2016: chairman   Full Article 

Eicher Motors Stake

Eicher Motors Stake

Volvo selling up to $300 mln worth of Eicher shares  Full Article 

Beef Trade

Beef Trade

Maharashtra clamps down on beef trade through new act  Full Article 

Budget 2015

Budget 2015

Budget announcements and reactions from the industry  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage