Nov 3, 2014 3:49 PM
Jury deliberating in tax trial of ex-UBS exec
The Associated Press
FORT LAUDERDALE, Fla. (AP) A South Florida jury has begun deliberations in the trial of a former top executive at Swiss bank UBS AG charged with conspiring with wealthy Americans to hide billions of dollars from the Internal Revenue Service.
Raoul Weil faces up to five years in prison if convicted of helping UBS conceal $20 billion in U.S. taxpayer assets in a profitable tax evasion business for the Swiss bank. Weil declined Monday to testify on his own behalf and his defense attorneys called no witnesses.
Several former UBS bankers testified that Weil was deeply involved in the conspiracy. Weil's lawyers called them unreliable because several got immunity.
In 2009, UBS paid a $780 million fine in the U.S. and disclosed names of thousands of American account holders, many of whom were prosecuted.