Ex-UBS executive pleads guilty to fraud conspiracy

Gavel Jason Morrison

Former UBS executive Hansruedi Schumacher pleaded guilty to conspiracy to defraud the U.S. as part of the government’s prosecution of financial industry officials who help Americans dodge taxes.

Bloomberg News reports that Schumacher, 56, entered his plea Thursday in federal court in West Palm Beach, Florida.

Schumacher, who also worked at Neue Zuercher Bank and once ran the cross-border business for UBS, was indicted in August 2009 on a charge of helping U.S. citizens evade taxes on UBS and NZB accounts.

After being declared a fugitive in December 2009, he surrendered to U.S. authorities last year and testified against his former UBS boss, Raoul Weil, in a trial in October.

Jurors acquitted Weil of charges he directed bankers to help thousands of UBS clients cheat the Internal Revenue Service.

To access the complete Bloomberg News article hit the link below:

Ex-UBS Banker Schumacher Pleads Guilty in U.S. Tax Probe

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