Trial begins for ex-UBS banker in tax evasion case
FORT LAUDERDALE, Florida (AP) — Jury selection is set to begin for the trial of a former top executive at Swiss bank UBS AG on charges of helping thousands of wealthy Americans conceal some $20 billion in assets from the Internal Revenue Service.
Raoul Weil faces up to five years in prison if convicted of fraud conspiracy. Jury selection begins Tuesday morning in Fort Lauderdale federal court for a trial expected to last several weeks.
Weil was formerly head of wealth management at UBS. He was originally indicted in 2008 and was a fugitive until his 2013 arrest in Italy. Weil pleaded not guilty after his extradition to the U.S.
In 2009, UBS paid a $780 million fine and agreed to turn over names of customers suspected of evading U.S. taxes. Many were later prosecuted.