Fort Lauderdale Federal grand jury indicted Raoul Weil, CEO and chairman of the business banking and global wealth management division of UBS on Wednesday. He was indicted following the US Justice Department’s ongoing investigation regarding the US cross border business of this Swiss banking giant.
Weil is accused of helping and conspiring with a lot of his clients evade taxes by investing in secret accounts offshore. Heading the wealth management international division of UBS from 2002 to 2007, Weil was instrumental in hiding of assests worth $20 billion from thousands of clients.
UBS issued a press release saying until matter is resolved, Weil will be replaced by the global wealth management and business banking deputy CEO and its US wealth management head Marten Hoekstra.
It is an insult to every honest American paying their taxes to find a few who evade taxes by investing in offshore accounts said Alexander Acosta, a US Attorney.
UBS announced on July 17th that its non US regulated units will not provide US domiciled clients private cross border banking services. According to a news release issued by UBS, the company will co operate with the investigation on its cross border business and will be responsible in providing authorities all support to resolve this matter satisfactorily.
UBS is a strong player in the financial sector with stakes in global wealth management, global asset management, Swiss retail and commercial banking, security firm and investment banking. Employing over 80,000 people, UBS has offices in at least 50 countries.