Raoul Weil, once the head of UBS’s global wealth-management business, didn’t know that 'rogue' underlings were helping Americans evade taxes, his lawyer told jurors at the start of a trial in Florida.
Bloomberg News reports that Weil, 54, was indicted in 2008 for conspiring to help as many as 17,000 U.S. taxpayers hide $20 billion in accounts from the Internal Revenue Service. He was arrested last year in Bologna, Italy, and waived extradition to face trial in Fort Lauderdale, where jurors got an overview of the case Tuesday.
Defense lawyer Aaron Marcu said the U.S. case hinges on 'rogue' bankers from UBS, the largest Swiss bank, and clients who will implicate Weil to save their own skins. Marcu said one such banker is Hansruedi Schumacher, who once ran UBS’s cross-border business.
Weil is the highest-ranking official among three dozen foreign bankers, lawyers and advisers charged in a seven-year U.S. crackdown on offshore tax evasion.
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