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Former UBS banker bailed in tax evasion case

A Swiss banker who was arrested for aiding and abetting tax evasion has been released on bail in the United States.

The 45-year-old, who previously worked as an investment advisor for UBS, was ordered to pay $500,000 (SFr465,000) for his release, Reuters news agency reported on Thursday.

The man, who now works for Credit Suisse, is charged with aiding around 150 UBS clients evade paying taxes on assets worth up to $500 million between 1999 and 2005. 

He was arrested on January 26 and is due to appear before a Fort Lauderdale, Florida, court on March 17. If convicted he faces a five year prison term.                      and agencies

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