UBS Blow as US Indicts Wealth Management Head

UBS suffered its heaviest blow yet in the investigation into its offshore banking activities for rich American clients as US authorities said they had indicted Raoul Weil, the Swiss bank’s head of global wealth management, the Financial Times reported yesterday. The US Department of Justice indictment also says other senior unnamed UBS’s executives were involved as alleged “unindicted co-conspirators.” “These executives occupied positions at the highest levels of management within the Swiss bank, including positions on the committees that oversaw legal, compliance tax, risk and regulatory issues related to the United States cross-border business.” Separately, the indictment includes detailed allegations about how more junior managers sought to circumvent US tax rules over a period of years. The move marks a massive escalation in the year-long campaign to investigate allegations that UBS helped thousands of US clients evade tax. Read more.