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Ex-UBS banker in court for US tax evasion case

January 7, 2014
Associated Press

FORT LAUDERDALE, Fla. (AP) — A former top executive with Swiss bank UBS AG is headed to South Florida federal court for a hearing on fraud conspiracy charges stemming from a broad tax evasion investigation.

Raoul Weil is scheduled to enter a plea Tuesday to the U.S. charges first filed in 2008. He was a fugitive until his arrest in October in Italy and was later extradited to the U.S. He is free on $9 million bail.

Prosecutors say Weil conspired to hide $20 billion in assets from the IRS using secret overseas accounts for thousands of wealthy customers. Weil's lawyers in Switzerland have insisted he is innocent.

In 2009, UBS paid a $780 million fine and agreed to turn over names of customers suspected of evading U.S. taxes. Many have been prosecuted since.

 
 

 

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