Fugitive Ex-UBS professional arrested in Italy

Raoul Weil, the fugitive former head of UBS’s global wealth management business, was arrested in Bologna after checking into a hotel under his own name and triggering an alert to Italy’s authorities.

Bloomberg News reports that Weil, 53, was arrested at I Portici Hotel Bologna Saturday and taken to the city’s Dozza prison, a Bologna police spokeswoman said.

U.S. federal prosecutors said in a 2008 indictment that Weil and other executives failed to implement effective restrictions to stop UBS’s U.S. clients from evading taxes after the bank agreed in 2001 to identify account-holders and tell the Internal Revenue Service about their income.

Weil, who at the time ran UBS’s wealth management business, resigned and was declared a fugitive by the U.S. government in 2009. UBS said the same year that Weil left to focus on his defense.

Hit the link below to access the complete Bloomberg article:

Fugitive Ex-UBS Wealth Management Chief Weil Arrested in Italy

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