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)