UBS wealth management head in fraud charge
Raoul Weil, the chairman and CEO of the global wealth management and business banking division at UBS, has been indicted by a federal grand jury on charges that he helped US taxpayers avoid income taxes on assets in overseas accounts. According to the indictment, Weil and other UBS bankers used encrypted laptops and other counter-surveillance techniques to assist US clients in concealing their identities and nearly $200bn (£135bn) in offshore assets from US authorities. The indictment claims that Swiss bankers who reported to Weil routinely travelled to the US to discuss Swiss bank accounts with current and prospective clients. Between 2002 and 2007, these activities allegedly generated nearly $200m (£135m) in cross-border business for UBS.
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