{"id":17971,"date":"2011-03-07T00:00:00","date_gmt":"2011-03-07T00:00:00","guid":{"rendered":"https:\/\/getirshelp.com\/blog\/ex-ubs-banker-granted-bail-tax-fraud-case\/"},"modified":"2026-07-24T22:02:32","modified_gmt":"2026-07-24T22:02:32","slug":"ex-ubs-banker-granted-bail-tax-fraud-case","status":"publish","type":"post","link":"https:\/\/getirshelp.com\/blog\/ex-ubs-banker-granted-bail-tax-fraud-case\/","title":{"rendered":"Ex-UBS banker Granted Bail in Tax Fraud Case"},"content":{"rendered":"

IRS problems aren't as complicated as they look once you see the structure. I'm attorney Darrin Mish. I've represented taxpayers before the IRS for three decades \u2014 in Florida, Colorado, Texas, and internationally. Here's the plain-English breakdown.<\/p>\n

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. \u00a0Christos 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. \u00a0Judge 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.<\/div>\n
In 2009, UBS Bank was granted a moratorium from criminal prosecution by paying a fine of $780 million to the US government for helping American taxpayers dodge taxes using their offshore bank accounts. \u00a0The bank also had to divulge details of thousands of its hitherto secret bank accounts belonging to wealthy Americans suspected of tax evasion.<\/a><\/div>\n
Judge Rosenbaum made public a criminal complaint that Bagios helped between 100 and 150 American taxpayers evade taxes through their bank accounts. \u00a0However, Bagios himself maintained that he was not aware he was abetting tax evasion, according to Arthur Greenspan, his lawyer. \u00a0Judge Rosenbaum ordered that Bagios undergo electronic monitoring and remain in South Florida. \u00a0Bagios, 45 is a Greek citizen residing in Switzerland. \u00a0He joined Credit Suisse Private Advisors in 2009 after a career spanning 15 years at UBS Bank.<\/div>\n
Bagios conspired with another UBS banker, Renzo Gadola who pleaded guilty to conspiracy in December. \u00a0According to Gadola, he and Bagios were \u2018part of a team of UBS bankers who serviced hundreds of undeclared accounts at UBS owned and controlled by US taxpayers\u2019. \u00a017 of those clients stepped forward and disclosed their accounts to the IRS in order to escape prosecution.<\/div>\n
Bagios\u2019 lawyers pressed for his release on the grounds that the government did not grant him a hearing to indict him within 30 days of his arrest. \u00a0But Judge Rosenbaum declined to release him after a prosecutor said the two sides were in negotiations together.<\/div>\n
According to the criminal complaint the judge made public, Bagios had helped a California businessman named Bernard Goldstein hide his assets in an account in Panama. \u00a0Goldstein was also charged and has not entered a plea yet. \u00a0The complaint also alleges that Bagios met other American taxpayers to discussed their undeclared accounts.<\/div>\n

Check out more Tax Related News<\/a> stories by clicking that link.<\/p>\n

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IRS problems aren't as complicated as they look once you see the structure. I'm attorney Darrin Mish. I've represented taxpayers before the IRS for three decades \u2014 in Florida, Colorado, Texas, and internationally. Here's the plain-English breakdown. A former UBS banker now working in Credit Suisse charged with helping American account holders hide as much […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[591],"tags":[135],"class_list":["post-17971","post","type-post","status-publish","format-standard","hentry","category-irs-news","tag-tax-evasion"],"_links":{"self":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/17971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/comments?post=17971"}],"version-history":[{"count":1,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/17971\/revisions"}],"predecessor-version":[{"id":21937,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/posts\/17971\/revisions\/21937"}],"wp:attachment":[{"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/media?parent=17971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/categories?post=17971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getirshelp.com\/blog\/wp-json\/wp\/v2\/tags?post=17971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}