Former UBS banker to America’s wealthiest admitted in court to helping U.S. clients hide $20 billion in assets and to evade paying taxes on those assets.

UBS AG the Swiss investment bank known for catering to the world’s wealthiest investors saw those investors fleeing and pulling out nearly $40 billion after UBS reported $19 billion in writedowns in the first quarter. 

After the downgrade of their triple-A credit ratings by both Moody’s and Standard & Poors last week, the banks most exposed to the bond insurers will take further hits to their bottom lines after thinking the worst was behind them.