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Former Swiss banker pleads guilty in U.S. tax probe

Nov 06 2012 Lynnley Browning, Reuters

A former Swiss banker pleaded guilty to fraud on Tuesday almost two years after the U.S. government placed him under limited home confinement as part of a long-running investigation of Swiss banks and American tax dodgers. In federal court in Florida, Christos Bagios pleaded guilty to one count of conspiring to defraud the U.S. government of just over $1 million while employed at UBS AG. Judge Kenneth Marra sentenced Bagios to time already served, which included 37 days in prison before his confinement. Bagios, appearing in court in a gray pinstriped suit and black tie, avoided up to five years' jail time and a $250,000 fine. The 47-year-old Greek citizen and Swiss resident was formerly employed by both UBS and Credit Suisse Group AG. After cooperating with federal investigators, he was expected to return to his family in Switzerland. Bagios was arrested in New York in January 2011. At the time, he was a senior Credit Suisse banker. He was originally charged with helping

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