Raoul Weil, once a powerful UBS executive, will return Tuesday to a U.S. courthouse where prosecutors said last month he ran a business that used Swiss bank secrecy to help Americans cheat on their taxes.
Bloomberg reports that Weil, 54, will plead not guilty in Fort Lauderdale, Florida, his lawyer said January 5th in an interview. The banker first appeared there December 16th, five years after he was indicted for conspiracy and declared a fugitive.
Bail was set at $10.5m. Weil, a Swiss citizen, was arrested October 2nd after checking into a hotel in Bologna, Italy, and was extradited to Florida. As ex-head of Zurich-based UBS’s global wealth-management business, he is the highest-ranking banker charged in a U.S. crackdown on offshore tax evasion.
If he doesn’t cooperate with the probe, prosecutors must prove he oversaw 60 private bankers who helped UBS make $200m a year by managing $20bn in assets not declared to the Internal Revenue Service.
'It is a pyramid conspiracy involving the executives, managers, bankers at UBS and the customers,' a Justice Department trial attorney, Mark Daly, told a judge at Weil’s hearing last month. 'Weil stands at the very top of that pyramid as a man who oversaw the private bank at UBS. The weight of the evidence is substantially in favour of the government.'
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image: © Tax Credits