Ex-UBS banker Granted Bail in Tax Fraud Case

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A former UBS banker now working in Credit Suisse charged with helping American account holders hide as much as $500 million in offshore assets to avoid taxes has been granted bail by a federal court judge. Christos Bagios who worked for UBS Bank of Switzerland was held in custody since January 26 but has now been granted bail of $500,000 corporate surety bond and $150,000 cash bond by US Magistrate judge Robin Rosenbaum. Judge Rosenbaum also ruled in Fort Lauderdale that the prosecution has probable cause to charge Bagios of conspiring to defraud the US government by impeding the IRS.

In 2009, UBS Bank was granted a moratorium from criminal prosecution by paying a fne of $780 million to the US government for helping American taxpayers dodge taxes using their offshore bank accounts. The bank also had to divulge details of thousands of its hitherto secret bank accounts belonging to wealthy Americans suspected of tax evasion.

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