Bagios, who was formerly employed by Swiss financial giants UBS AG and Credit Suisse Group AG, changed his plea to guilty in a court in Florida. He had earlier pleaded not guilty.
He pleaded guilty to a document known as a criminal information, admitting he helped nine clients who didn’t declare accounts to the Internal Revenue Service.
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"In furtherance of a plan to repatriate to the United States approximately US$470,000 from their undeclared ‘black’ account, Christos Bagios permitted the customers to move the funds through the declared ‘white’ account that he managed," according to a statement of facts filed in court.
A Greek citizen and Swiss resident, Bagios worked at UBS from 1999 to 2005. He was a senior banker at Credit Suisse when he was arrested last year and later charged with aiding 150 Americans hide up to US$500 million during his time at UBS.
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