Client_News

Reuters:

(Reuters) - A former Swiss banker accused of helping rich Americans dodge taxes may be cooperating with a broad U.S. government investigation of Swiss banks for providing tax evasion services, lawyers said on Wednesday.

Speculation that Christos Bagios is working with the United States arose after the ex-employee of Swiss banks Credit Suisse AG and UBS AG arranged a change-of-plea hearing following his pleading not-guilty in a U.S. federal court to new charges of aiding tax evasion.

Bagios is a central figure in the probe by the U.S. Department of Justice into offshore tax evasion services sold by Swiss and Swiss-style banks.

Some lawyers said he is likely preparing to plead guilty as part of a cooperation deal with the DOJ, a move that could pile pressure on Swiss banks targeted by the investigation.

"The fact that he has waived his right to indictment means it is very likely he will change his plea" to guilty next week, said Lawrence Brown, a tax attorney in Fort Worth, Texas, with offshore clients. Brown added that the move would help the government's investigation.

Attorney Lawrence Brown in Reuters article

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http://www.reuters.com/article/2012/10/17/us-usa-tax-bagios-idUSBRE89G1XR20121017

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