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.
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.
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