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.
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