Fort Lauderdale Trial Aims to Topple Top Level of Secret Bank Accounts
The U.S. Justice Department recently forced Switzerland's UBS AG to disclose the names of secret U.S. account holders and fined it $780 million as it cracks down on offshore accounts. The former head of UBS's global private-banking business, Raoul Weil, is on trial in Fort Lauderdale. He supervised about 60 financial advisers who allegedly helped Americans cheat on their taxes.
Partner Kevin Packman said so far the prosecution of bankers and tax scofflaws have been "low-level, hanging-fruit kind of guys, ... but Weil is the guy. This is his division. He is going to pay the price of what his underlings did."