Bloomberg reports that Bagios entered his plea Tuesday in federal court in West Palm Beach, Florida, according to court records. He admitted to conspiring with five Swiss bankers when he worked at UBS, where he spent 15 years before joining Credit Suisse in 2009. Bagios, a Greek citizen who lived in Switzerland, was arrested on January 26th, 2011, in New York.
The government said in a criminal complaint that Bagios conspired to help 150 American clients hide as much as $500m from U.S. tax authorities in his time at UBS. On October 16th, prosecutors filed a charging document, known as an information, that stated Bagios helped nine clients who didn’t declare accounts to the Internal Revenue Service.
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