ALEXANDRIA, Virginia (AP) -- A former Swiss banker has pleaded guilty to his role in a fraud scheme that prosecutors say helped U.S. taxpayers hide as much as $3 billion in assets from the IRS, the US tax collector.
Swiss citizen Andreas Bachmann is one of eight former employees of Zurich-based Credit Suisse to be charged back in 2011. The 56-year-old is the first to be arrested and plead guilty.
Court records show he was arrested Tuesday and pleaded guilty Wednesday in federal court in Alexandria.
In court papers, Bachmann admitted traveling twice a year to the United States to meet with clients who maintained secret Swiss accounts as a means of avoiding U.S. taxes.
The charges are part of a crackdown by the Obama administration on foreign banks believed to be helping U.S. taxpayers hide assets.