Thursday, October 18, 2012


A former senior banker at UBS, who was charged with Conspiracy to Defraud the United States, for allegedly selling tax evasion services to wealthy Americans, is listed for a Change of Plea on 26 October in US District Court* in Fort Lauderdale, Florida. Christos Bagios, a Greek national who was a Swiss resident, was arrested in 2011, but the Criminal Information recently filed against raises a presumption that he has been cooperating with law enforcement agencies.

Bagios reportedly assisted wealthy Americans evade income taxes on $500m, by hiding it in various banks accounts. Several unidentified clients are listed on the Information, and his "assistance" is well documented in detail. Three former UBS senior staff, that he worked with on tax evasion schemes, are also named; they have all been indicted. His criminal actions occurred between 1999 and 2005.

He is believed to have been the individual with the deepest involvement in organised tax evasion schemes involving Americans, during his tenure at UBS, and he had earned a reputation amongst bankers involved in that sordid business. His maximum sentence: only five years. Let us hope that the substantial assistance he has rendered was helpful; otherwise, the short sentence he will most likely receive will not serve the ends of justice well.

*United States vs. Bagios, case No.: 12-cr-60260-KAM (SD FL).

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