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Former UBS Wealth Executive Expected To Plead Not Guilty To Tax Fraud Conspiracy - Report

Tom Burroughes Group Editor London 7 January 2014

Former UBS Wealth Executive Expected To Plead Not Guilty To Tax Fraud Conspiracy - Report

A former top wealth management executive at UBS charged with helping US citizens evade taxes through Swiss accounts is expected to plead not guilty today to tax fraud conspiracy in a federal court in Florida.

A former top wealth management executive at UBS charged with helping US citizens evade taxes through Swiss accounts is expected to plead not guilty today to tax fraud conspiracy in a federal court in Florida, according to Reuters.

Raoul Weil, former head of global wealth management at UBS, was charged five years ago with helping about 17,000 Americans conceal $20 billion in numbered accounts at the bank.

Weil, a Swiss citizen, initially disputed the charges and was declared a fugitive a few months later but was arrested on a warrant from Interpol in mid-October while on vacation in Bologna, Italy.

His appearance in federal court in Fort Lauderdale will be his second since he was extradited from Italy last month. He was granted a $10.5 million bond pending his arraignment.

Aaron Marcu, lead attorney for Weil, says his client has consistently denied wrongdoing in the case, the news service reported. "Mr. Weil will appear in court in Ft Lauderdale on Tuesday and intends to plead not guilty," Marcu of Freshfields Bruckhaus Deringer, said.

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