The banker’s name is Christos Bagios and he was was arrested about two weeks ago, upon arrival in the U.S for a two-week visit to meet clients.
The private banker is reportedly en route to a detention centre in southern Florida.
CNBC reported he may face charges as early as this week, related to his role as an adviser to wealthy clients living on the west coast who are accused of avoiding millions of dollars in tax payments to the federal government.
(The New York Times reported he is already in Fort Lauderdale and has been charged with conspiracy and fraud).
Bagios, who’s a Greek citizen, joined Credit Suisse Private Advisors in 2009. Before that he worked for Union Bank of Switzerland, and spent many years in various divisions of UBS. He was made a director at UBS in 2001.
He earned degrees in Educated both in Athens, Greece and Zurich, Switzerland, and is a CFA. According to his profile on Credit Suisse’s website, Bagios’ “vast experience in international investments was earned during his career as a portfolio manager, as well as international private banking representative for UBS in San Francisco and Los Angeles where he lived during the mid to late nineties.”
According to the NYT,
The detention of Mr. Bagios, a highly unusual move, signals that the Justice Department is intensifying its scrutiny of Credit Suisse over its sale of offshore private banking services that may have allowed wealthy American clients to evade taxes.
As part of the same probe in which Bagios is now allegedly implicated, 23 UBS clients have been charged for allegedly engaging in tax evasion schemes and many of have pleaded guilty.
“One person familiar with the cases said these were thought to include at least one at a Swiss bank that is not UBS,” CNBC reported.
The news was first reported by SonntagsZeitung, a German-language Swiss newspaper, which reported that an unnamed banker had flown into the U.S “to meet clients during a two-week visit” and was reportedly arrested upon his arrival.
iAfrica.com, quoting the article in SonntagsZeitung, said Bagios’ arrest is “related to activities by his former employer.”
Reuters reported that Bagios was arrested as a “material witness” as part of the investigation of “other banks that may have helped Americans to avoid paying taxes.”