Senior UBS official indicted in tax-dodge case

U.S. prosecutors have charged one of the highest ranking officials at international banking giant UBS with setting up a system to help about 20,000 wealthy clients hide about $20 billion in assets from U.S. tax authorities.

The indictment against Raoul Weil was filed in U.S. District Court in Fort Lauderdale, Fla. The Wall Street Journal called it "the latest U.S. move aimed at pressuring Swiss banking officials to reveal the names of their American account holders." See "Top banker cited in tax-dodge case."

For more information see:
- "Swiss bank executive charged with aiding U.S. taxpayers evade income tax" (U.S. Department of Justice press release)
- "UBS executive indicted in U.S. inquiry" (The New York Times)
- "Top UBS executive indicted in Florida," (The Washington Post)
- "UBS shares drop after U.S. indicts top banker" (Reuters)