A federal jury acquitted a former top Swiss banking executive of U.S. charges that he conspired with wealthy Americans to hide $20 billion in secret accounts from the Internal Revenue Service.
Jurors deliberated just over an hour before returning the not guilty verdict for Raoul Weil, formerly the No. 3 executive at UBS AG. He had faced up to five years in prison and a $250,000 fine if convicted of conspiring to defraud the U.S. government.
"We're obviously pleased with the verdict. This was a case that should never have been brought," said Weil's attorney, Matthew Menchel.
In the courtroom, Weil hugged his wife and lawyers, clenching both fists when the verdict was announced.
Weil was the highest-ranking Swiss banker prosecuted under an IRS and Justice Department crackdown on Americans' use of offshore accounts to dodge U.S. taxes. In 2009, UBS paid a $780 million U.S. fine and disclosed names of thousands of American account holders to the IRS, many of whom were later prosecuted.
Monday, November 03, 2014
Ft. Lauderdale jury finds UBS executive not guilty in tax case
Matthew Menchel represented Raoul Weil in this lengthy trial before Judge Cohn. Here's the AP's Curt Anderson: