Business

Exec with Swiss bank indicted in UBS tax probe

CEOinIRVINE 2008. 11. 13. 06:49

A senior executive with Swiss banking giant UBS AG has been indicted on charges of conspiring to hide some $20 billion in assets from the Internal Revenue Service.

The indictment unsealed Wednesday in South Florida names Raoul Weil as the defendant. The federal indictment claims Weil's division at UBS (nyse: UBS - news - people ) helped some 20,000 U.S. clients conceal assets from the IRS between 2002 and 2007. The indictment says some clients filed false tax returns.

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Last year, Weil was named chief executive officer of the UBS division in the U.S. that handles cross-border business and private banking.

It wasn't immediately clear if Weil had hired a lawyer. UBS officials did not immediately respond to a request for comment.