Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Former UBS Banker Pleads Guilty to Tax Evasion Charges
Author: Scarinci Hollenbeck, LLC
Date: January 2, 2013
Key Contacts
Back
An ex-Swiss banker pleaded guilty to charges of helping wealthy American customers evade federal income taxes, shedding more light on the ongoing crackdown of many foreign banks and their practices.
Christos Bagios, formerly employed by Swiss banking giant UBS and the Credit Suisse Group, was accused of helping Americans evade millions of dollars in taxes between 1993 and 2009, a charge to which he originally plead not guilty. However, he recently changed his plea to guilty in the U.S. District Court for Southern Florida. After changing his plea, he admitted to the courtroom that he was complicit – along with five other UBS bankers – in helping high net-worth clients hide money from the Internal Revenue Service.
During this period, it is alleged that he enabled more than 150 Americans to violate federal tax law by shielding more than $500 million from authorities.
Bagios is a Greek citizen who spent more than 15 years in Switzerland. He was arrested in January 2011 in New York. After spending 37 days in custody, Bagios spent roughly 19 months in “conditions similar to home confinement” and received brief visits from his wife and children who reside in Switzerland, according to court documents. Following his decision to change his plea to guilty, U.S. District Judge Kenneth Marra granted Bagios’ motion to obtain emergency travel documents to renew his Greek passport and return to his family in Switzerland as soon as practicable.
Bagios also gave up information about his co-conspirators that may help the government further its investigations into Swiss banks and prosecute additional parties. At present, 11 other banks are under investigation amid similar allegations.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
IP Infringement: What Steps Can You Take If You're Affected?
IP infringement occurs when someone uses your intellectual property without your permission or beyond the scope of the permission you granted. Common examples of IP infringement include copying a product’s patented features or using a trademarked logo in a way that is likely to confuse consumers about the source or affiliation of goods or services. […]
Author: Michael Mietlicki
Public Allegations, Unfinished Investigation: What New Jersey Businesses Should Do Next
When facing public allegations of wrongdoing, companies should not let the speed of the public conversation dictate the speed of an investigation. An investigation designed to confirm a preferred narrative rather than establish the facts can create serious problems later, particularly if litigation, regulatory scrutiny, or employment claims follow. Key Takeaways When public allegations surface […]
Author: Sean M. Pena
BESS Interconnection: Managing Grid, Cost, and Schedule Risk
For battery energy storage system (BESS) developers, securing equipment and site control is only part of the development equation. A project must also connect to the electric grid, and increasingly, BESS interconnection is one of the biggest sources of schedule, cost, and contractual risk. Key Takeaways This article is Part 3 of our Battery Storage […]
Author: Nicholas Wall
Navigating Director and Officer Liability in Times of Financial Distress
Director and officer liability increases sharply when a company is in financial distress. Decisions that would draw little attention in a healthy business can later be challenged by creditors, shareholders, bankruptcy trustees, and regulators as breaches of fiduciary duty, fraudulent transfers, or oversight failures. Understanding where that exposure comes from, and how to manage it, […]
Author: Michael Mietlicki
Before You Buy: Managing Real Estate and Permitting Risk for BESS Projects in New York and New Jersey
For developers pursuing battery energy storage system (BESS) projects, finding the right property is only the beginning. BESS site selection is as much a legal and transactional exercise as a real estate decision, with risk analysis central to the project’s ultimate success. Key Takeaways The core questions for BESS site selection in New York and […]
Author: Nicholas Wall
What Business Owners Get Wrong Before Meeting a Litigation Attorney
What should you expect when meeting a litigation attorney about a business dispute? You should expect to describe the dispute in your own words, hand over the most important documents, flag any deadlines or immediate threats, and leave with a clearer picture of the problem, what information is still needed, and the likely next steps. […]
Author: Michael Mietlicki
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.