White-Collar Crime

UBS Exec Charged in Federal Tax Fraud Conspiracy Case

A senior private banking executive with UBS AG has been indicted in a federal tax fraud conspiracy case after months of investigation of how some U.S. residents allegedly dodged their taxes by hiding some $20 billion in assets in secret accounts.

However, a lawyer for Raoul Weil says the case against the Swiss banking goliath’s top international wealth management executive is “totally unjustified and without any factual basis,” reports the Wall Street Journal (sub. req.). “Mr. Weil denies any suggestion that he was aware of, engaged in or tolerated any illegal conduct in the operation of UBS’ U.S.-cross-border business,” says attorney Aaron Marcu in a written statement.

The newspaper provides a copy of the indictment in the Southern District of Florida case.

Related ABAJournal.com coverage:

UBS Gave Feds Information About Customers’ Bank Accounts in US

Tough Calls for US Tax Dodgers & Counsel; Secret Bank Accounts Exposed

Billionaire Olenicoff’s Plea Docs Describe Tax Evasion Techniques

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