Ex-UBS wealth management head granted $10.5m bail


Raoul Weil, the former head of UBS’s global wealth management business, was granted $10.5m bail after appearing in a U.S. courtroom for the first time to face charges that he helped Americans evade taxes.

Bloomberg reports that Weil, 54, didn’t enter a plea today in federal court in Fort Lauderdale, Florida, where he was indicted in October 2008 and declared a fugitive.

He is set to be arraigned January 7th, when he will plead not guilty, according to his lawyer, Aaron Marcu. U.S. Magistrate Judge Patrick Hunt let Weil post a $9m personal surety bond with a cash deposit of $4m, a $1m corporate bond and a $500,000 personal bond.

'We are pleased that the court agreed that Mr. Weil should be released on bail', Marcu, of Freshfields Bruckhaus Deringer, said in an e-mail. 'We are not engaged in negotiations with the government at this time. We look forward to sitting down to work with him on preparing his defense'.

Weil is the highest-ranking banker among about 100 people charged since 2008 by the U.S. in a crackdown on offshore tax evasion. About three dozen foreign bankers, lawyers and advisers were charged. 

To access the complete Bloomberg article hit the link below:

Ex-UBS Banker Weil Gets $9 Million Bail in Tax Dodge Case

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