Former UBS AG (UBSN) global wealth-management chief Raoul Weil was cleared of tax conspiracy charges despite the bank’s historic admission that it helped thousands of U.S. clients cheat the Internal Revenue Service.
Jurors in a Fort Lauderdale, Florida federal court yesterday reached their verdict after deliberating only 90 minutes. Weil, 54, was indicted in 2008 on a charge of conspiring to help as many as 17,000 U.S. taxpayers abuse Swiss bank secrecy to hide $20 billion. Weil, who faced five years in prison, was arrested last year in Bologna, Italy, and waived extradition.
Read the full article by By Susannah Nesmith and David Voreacos on Bloomberg News HERE.
For more articles on Weil’s trial, read our blog post “Tax Trial Underway for EX-UBS Banker“.