Bloomberg reports that prosecutors charged Bagios last year with helping 150 American clients hide as much as $500m from the Internal Revenue Service when he worked at UBS, where he spent 15 years before joining Credit Suisse in 2009.
He was charged Tuesday in federal court in Fort Lauderdale, Florida, in a document known as a criminal information, which typically precedes a guilty plea. Bagios is scheduled for an arraignment on the conspiracy charge today in Fort Lauderdale and to enter an initial plea. He is scheduled to return to court in West Palm Beach, Florida, for a change-of-plea hearing on October 26th.
Bagios is one of about two dozen foreign bankers, lawyers or advisers charged since 2008 in the crackdown on offshore tax evasion. Seven current or former Credit Suisse bankers were indicted last year. Prosecutors also have charged about 50 U.S. taxpayers. UBS, the largest Swiss bank, avoided prosecution by paying $780m, admitting it helped Americans cheat on taxes, and turning over data on secret accounts. At least 11 other banks are under criminal investigation.
Hit the link below to access the complete Bloomberg article:
Ex-UBS, Credit Suisse Banker Bagios Set to Change Plea
Citigroup’s Corbat Says Leach, Gerspach Committed to Stay
Goldman Sachs’s O’Neill Sees Bank of BRICS Gathering Momentum
The Billionaire's Apprentice
The Buy Side: A Wall Street Trader's Tale of Spectacular Excess
