A former UBS banker, Bradley Birkenfeld, pled guilty to conspiring with an American billionaire real estate developer, Swiss bankers and co-defendant Mario Staggl to help the developer evade paying $7.2 million in taxes by helping him conceal $200 million of assets in Switzerland and Liechtenstein.

Birkenfeld admitted that between 2001 and 2006, while employed as a director in UBS's private banking division, he routinely helped wealthy Americans conceal ownership of offshore assets and evade income taxes on the assets.

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