Ex-UBS Executive Weil Acquitted of U.S. Tax Conspiracy
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Former UBS AG global wealth-management chief Raoul Weil was cleared of tax conspiracy charges despite the bank’s historic admission that it helped thousands of U.S. clients cheat the Internal Revenue Service.
Jurors in a Fort Lauderdale, Florida federal court yesterday reached their verdict after deliberating only 90 minutes. Weil, 54, was indicted in 2008 on a charge of conspiring to help as many as 17,000 U.S. taxpayers abuse Swiss bank secrecy to hide $20 billion. Weil, who faced five years in prison, was arrested last year in Bologna, Italy, and waived extradition.