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'.
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