Wednesday, October 8, 2014

Ex Neue Zürcher Banker Heading To Florida To Testify in Weil Case!

According to Swissinfo, a former top executive at Neue Zürcher Bank (NZB) has turned himself over to the United States justice authorities and may testify in the trial of ex-UBS banker Raoul Weil next week.

We previously posted on December 16, 2013, The 2nd Ex-UBS Banker is About to Blow The Whistle on His US Clients! where we discussed that the former head of UBS's wealth management division, Raoul Weil, has agreed to be extradited to the US to face charges and U.S. Magistrate Judge Patrick Hunt agreed to let Weil stay with friends in New Jersey after putting up the bond, which included $9 million in a personal surety by Weil, $500,000 from the New Jersey family and the other $1 million a corporate surety bond signed with a bail bondsman.
US authorities issued an international arrest warrant for Weil in early 2009, just months after he was charged with allegedly conspiring to help 17,000 American clients of Swiss bank UBS avoid taxes.
Well it now appears fairly obvious that he has Cut A Deal with the IRS, since a Florida judge granted him $10.5 million bail on December 16, 2013. He did not enter a plea and his arraignment was postponed until January 7.

Swiss public radio, RTS, said on Wednesday on 10/8/14 that the ex-NZB executive is set to appear in court in the Weil case in Florida on Tuesday 10/14/14. He remains a free man but had to pay $500,000 (CHF480,000) bail, surrender his passport and inform the US authorities of his movements. He had also worked for UBS in the past.

NZB went bankrupt in 2012, three years after being indicted by the US Department of Justice (DoJ) for helping US citizens evade taxes.

Weil’s indictment accuses him of playing a prominent role in helping UBS’s US clients hide around $20 billion in undeclared assets between 2002 and 2007. A Florida judge previously agreed to an eight-month delay in his trial. His trial is set to begin on Tuesday 10/14/14. 

If convicted, he faces up to five years in prison.

The former head of global wealth management at UBS is the highest ranking Swiss banking executive to face trial on US soil.

Was This Guy Your Banker?

Are You One of the 17,000 American Clients?

 Contact the Tax Lawyers at  
Marini & Associates, P.A. 

for a FREE Tax Consultation at: 

Toll Free at 888-8TaxAid (888 882-9243)

No comments:

Post a Comment