The trial of UBS AG’s former chief executive Raoul Weil started this week in Florida. He is accused of helping American clients avoid taxes and conceal $20 billion of US taxpayers’ assets in offshore accounts. Weil is the highest-ranked UBS executive to be prosecuted by the US.
The Swiss banker allegedly helped “black account” holders – American citizens who didn’t want their assets disclosed to the IRS – hide millions of dollars and charged them steep fees for the extra service. Weil and other UBS bankers used multiple credit cards, changed hotels often and avoided electronic communication with clients, claims the prosecution’s star witness, Hans Schumacher
The trial is expected to last several more weeks. If convicted, Weil could face up to five years in prison. (Alleged Mastermind of UBS Tax Evasion Scheme Faces Trial)