Raoul Weil, 49, a Swiss citizen and Chairman and CEO Global Wealth Management & Business Banking for UBS AG, was indicted today in Miami for conspiring with US clients to avoid US federal taxes. The indictment alleges that between 2002 and 2007 Weil oversaw the Swiss bank's cross-border business, which helped about 20,000 U.S. clients conceal about $20 billion in assets in secret Swiss bank accounts and other off-shore accounts. He faces 5 years in prison, plus a $250,000 fine. Weil's indictment follows a conviction in June of another UBS executive, Bradley Birkenfeld, who plead guilty to similar charges.Wednesday, November 12, 2008
Swiss UBS Executive Indicted In Massive Tax Fraud Scheme
Raoul Weil, 49, a Swiss citizen and Chairman and CEO Global Wealth Management & Business Banking for UBS AG, was indicted today in Miami for conspiring with US clients to avoid US federal taxes. The indictment alleges that between 2002 and 2007 Weil oversaw the Swiss bank's cross-border business, which helped about 20,000 U.S. clients conceal about $20 billion in assets in secret Swiss bank accounts and other off-shore accounts. He faces 5 years in prison, plus a $250,000 fine. Weil's indictment follows a conviction in June of another UBS executive, Bradley Birkenfeld, who plead guilty to similar charges.
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