Swiss bank executive indicted in US tax probe
A Swiss bank executive has been accused of helping Americans avoid paying taxes on assets worth USD 20 billion.13 November 2008
WASHINGTON - The US government has indicted a Swiss bank executive for helping thousands of wealthy Americans avoid paying taxes on billions of dollars of income, the US Justice Department said Wednesday.
Raoul Weil, 48, helped about 20,000 American clients conceal USD 20 billion (CHF 23.77 billion) in assets from US tax authorities from 2002 to 2007.
According to the UBS website, Weil was heading the Zurich-based UBS bank's global wealth management firm during that time and served on the company's executive board.
"Professionals, including bankers, who promote fraudulent offshore tax schemes against the United States, will be held accountable," said John A Marrella, deputy assistant attorney general at the justice department's tax division.
The justice department said: "Weil, who allegedly referred to this business as 'toxic waste,' mandated that Swiss bankers grow the cross-border business, despite knowing that this would cause bankers to violate US law."
Weil was indicted by a grand jury in Miami and faces a maximum prison sentence of five years if convicted.
[dpa / Expatica]