Ex-UBS, Credit Suisse banker pleads guilty in U.S. tax probe
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)
- Tweet this
- Share this
- Digg this
- Missouri grand jury makes decision in fatal shooting of black teen
- Hagel, under pressure, resigns as U.S. defense secretary |
- Congress signals it could back Modi's insurance reform plan
- Jindal Steel shelves $10 bln project after coal setback
- EU lawmakers say not forging ideological war against Google
The reformist government that many Indians and free-market flag-bearers had hoped would emerge after this year's election isn't in New Delhi - at least not yet. Rajasthan, derided as a poverty-stricken laggard, has taken the lead on structural reforms that, their backers argue, could also help Asia's No.3 economy as a whole to attract business and employ a fast-growing workforce. Full Article
Hyundai Motor, Kia Motors lift 2014 global sales target on China, emerging markets Full Article