Ex-UBS trader faces tax evasion charges

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Raoul Weil, a former UBS banker, faces tax-dodging charges in France less than a year after he was acquitted of U.S. tax conspiracy allegations.

Bloomberg News reports that France’s national financial prosecutor charged Weil with helping tax evasion and illicit marketing and set a payment similar to bail at $226,000 as he remains free to move, a spokesman for the authority said. Weil, 55, once ran UBS’s global wealth-management business.

UBS, the world’s largest money-manager for the rich, was last year forced to pay a $1.2bn security deposit to cover potential penalties in a French tax-evasion probe. The Swiss bank has described the French investigation as a 'highly politicized process' and said it has 'taken significant and broad steps to ensure tax compliance of our clients and will continue to do so'.

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

Ex-UBS Banker Weil Faces French Charges of Aiding Tax Evasion

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