Former UBS banker Hansruedi Schumacher has pleaded guilty to a conspiracy charge in a US tax evasion case.
Schumacher has admitted in court papers that during his stint at UBS and a second Swiss bank from 1995 to 2009, he helped wealthy Americans dodge taxes using secret offshore accounts.
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Schumacher led the cross-border business for UBS, serving as the regional market manager for UBS’ North American International business from the 1990s through mid-2002.
From 2002 to 2009, he also worked for Neue Zuercher Bank (NZB).
Prosecutors will recommend a sentence of five years’ probation and a $150,000 fine for Schumacher, who is reportedly cooperating in the probe.
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