UBS Head Of Wealth Management Indicted

Finally, Switzerland stops being boring and gets back to the sketchy banking activity they’ve long been known for.

They should totally embrace this. Talk about full service banking!

ABC News: A federal grand jury has indicted the CEO of Global Wealth Management at UBS AG for allegedly moving $20 billion out of the United States to evade income taxes for U.S. clients.

Swiss citizen Raoul Weil, who also sits on the executive board of the financial services giant, faces one count of conspiracy, according to the indictment returned by a federal grand jury in Florida. UBS said in a statement Wednesday that Weil “has determined that, in the interest of the firm and its clients, and in order to defend himself, he will relinquish his duties at this time pending the resolution of this matter.”

The conspiracy charge alleges that Weil, along with other top executives, bankers at UBS and clients of the Swiss banking giant, conspired in a cross-border business and knowingly failed to pay taxes on income earned in the Swiss bank accounts.

The indictment claims that 17,000 of 20,000 clients of UBS who participated in the Wealth Management program concealed their identities from the IRS.

Weil’s attorney, Aaron R. Marcu of Covington & Burling, sent a statement to ABC News, calling the indictment “totally unjustified and without any factual basis.” Weil denies any involvement or awareness of the alleged activity, which represented “only a tiny percentage” of the business he oversaw, according to Marcu.

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