UBS Executive Indicted as the US Obtains Names of 70 Clients to the IRS

On November 12, 2008, the U.S. Department of Justice announced the indictment of Raoul Weil, a senior executive of UBS almost simultaneously with an announcement that either the Swiss government or UBS has turned over 70 UBS clients for use by Justice Department investigators. The indictment charges Weil, who from 2002 through 2007 was head of UBS’s wealth management business, which included U.S. cross-border business and other business. In July 2007, he was promoted and became Chief Executive Officer of a division that oversaw the U.S. cross-border business and international private banking that provided services to some 20,000 U.S. clients who reportedly concealed approximately $20 billion in assets from the IRS...[more]