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, who was a banker at UBS.
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)
