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2014-10-21 — businessinsider.com
The biggest fish to be caught in the net is now about to have his day in court. On October 14th jury selection started in a federal court in Florida for the trial of Raoul Weil, who as head of UBS's global private-banking business was responsible for the division that had fallen foul of the authorities. In 2009 America issued an international arrest warrant for Mr Weil. He was nabbed last year at an Italian hotel, while on holiday with his wife, and was extradited to the United States, where he has been under house arrest.
Prosecutors allege that Mr Weil, as head of UBS's wealth-management division, oversaw and knew about efforts by a team of 60 or so Switzerland-based private bankers to court American clients and to help them hide as much as $20 billion of undeclared money. This was done using sham companies and foundations, according to court filings.
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