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Christos Bagios, Former UBS Banker, Admits He Helped Rich Americans Hide Money

Former Banker Admits He Helped Rich Americans Hide Money
Reuters
The logo of Swiss bank UBS is pictured outside the company offices in the City of London on October 30, 2012. Swiss banking giant UBS announced nearly 10,000 job cuts worldwide on Tuesday, saying that the costs of restructuring its hard-hit investment bank had pushed it deep into loss in the third quarter. AFP PHOTO / CARL COURT (Photo credit should read CARL COURT/AFP/Getty Images)
The logo of Swiss bank UBS is pictured outside the company offices in the City of London on October 30, 2012. Swiss banking giant UBS announced nearly 10,000 job cuts worldwide on Tuesday, saying that the costs of restructuring its hard-hit investment bank had pushed it deep into loss in the third quarter. AFP PHOTO / CARL COURT (Photo credit should read CARL COURT/AFP/Getty Images)

Nov 6 (Reuters) - A former banker at giant Swiss financial institutions UBS AG and Credit Suisse Group AG 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.

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