New York (HedgeCo.Net) – U.S. authorities have officially declared Raoul Weil, formerly of UBS, a fugitive. 

The one-time prominent business man and former chairman of UBS’s global wealth management unit, failed to surrender to police after being charged with aiding wealthy individuals in hiding their assets from the Internal Revenue Service.

According to the original complaint, Weil, who was based in Switzerland, headed a team of bankers that aimed to help 17,000 Americans hide about $20 billion via Swiss bank accounts, in hopes of avoiding U.S. taxes.   

At that time, Weil worked in UBS’s cross-border private banking business.  He stepped down from the bank when the charges were made public.

The order came yesterday in a Ft. Lauderdale courtroom, where Judge James Cohn officially removed Weil, 49, from the court’s pending case list and placed him on the clerk’s fugitive list.

If convicted, Weil faces up to five years in prison and $250,000 in fines.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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