Ex-UBS manager avoids jail

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A former Swiss banker who pleaded guilty to aiding Americans hide money from U.S. tax authorities was sentenced to five years probation and fined $150,000 in a West Palm Beach federal court on Monday, his lawyer said.

Reuters reports that Hansruedi Schumacher, 57, was indicted in 2009 along with a Swiss tax attorney and charged with conspiring to defraud the United States. He faced six years in prison but prosecutors asked a judge for a reduced sentence due to his cooperation with investigators.

He was regional market manager for UBS's North American international business from the 1990s through mid-2002. Following his 2014 arrest he cooperated as a key witness in the case against Raoul Weil, a former top-ranking UBS banker who oversaw an estimated $4tril in assets.

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Former UBS banker avoids jail after serving as U.S. witness

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