US investigators on Tuesday lodged a legal complaint against a Credit Suisse banker for fraud while working for UBS, a week after indicting four of his colleagues.
US investigators on Tuesday lodged a legal complaint against a Credit Suisse banker for fraud while working for UBS, a week after indicting four of his colleagues, according to court documents.
The criminal complaint against Christos Bagios, 45, a Greek citizen residing in Switzerland, says he secretly helped wealthy US clients conceal their earnings in Swiss bank accounts while employed at UBS from 1999 to 2005.
Arrested on January 25 upon his entry into the United States, he was implicated by a colleague who was arrested in November and pled guilty to the same acts.
The former colleague, Renzo Gadola, admitted to helping Americans conceal their earnings from tax authorities by stashing them in Swiss accounts, according to the complaint filed at a US district court in Florida.
Gadola said Bagios "had approximately 100 to 150 undeclared United States clients with total assets under management of approximately $400 million to $500 million," according to the complaint.
Four other Credit Suisse employees were indicted on similar charges on February 24, but the bank itself has not been implicated.
UBS, one of Switzerland's largest banks, had its reputation tarnished by a US fraud investigation launched in 2008 that eventually prosecuted the bank, forcing it to pay a $780 million fine and hand over client names.