One of the top-ranking board members of Credit Suisse has been taken into custody by U.S. authorities on suspicion of aiding Americans with tax evasion.
Christos Bagios, a senior executive, was arrested two weeks ago and is charged with conspiracy and fraud, according to The New York Times.
The arrest was made by the U.S. Justice Department because of growing concerns that Credit Suisse is making it easy for wealthy American citizens to put large amounts of money in overseas accounts in order to avoid tax reporting requirements. Other arrests are expected in the case.
Credit Suisse is not the only Swiss bank that has been accused by the U.S. Justice Department of aiding in tax evasion. UBS was targeted last year, and settled with the U.S. government, eventually agreeing to release the information of suspected tax evaders. HSBC, which is based out of the United Kingdom, has also been targeted by federal investigations.
Bagios is a citizen of Greece, and is currently being detained in Fort Lauderdale, Florida.
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