Tag Archive for UBS Banker

Raoul Weil The Ex-UBS Banker Is Coming To America to Rat You Out!

We originally posted “Was Raoul Weil the Ex-UBS Banker Your Banker?” where we discussed that an Italian judge ruled on Tuesday, October 22, 2013, that Raoul Weil, the ex-UBS banker wanted in the United States over allegations of helping Americans dodge taxes, must remain in custody while awaiting possible extradition to the U.S.

Now the former head of UBS’s wealth management division, Raoul Weil, has agreed to be extradited to the United States to face charges. United States 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.

Weil is currently in jail in Italy, where he was arrested while on holiday with his family five Read More

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Was Raoul Weil the Ex-UBS Banker Your Banker?

TaxConnections Blogger postAn Italian judge ruled on Tuesday, October 22, 2013, that Raoul Weil, the ex-UBS banker wanted in the US over allegations of helping Americans dodge taxes, must remain in custody while awaiting possible extradition to the United States.

The decision was handed down by a judge of the Court of Appeal in Bologna, where Weil, a Swiss citizen and former head of UBS’s global wealth management business, was arrested by Italian police on Saturday. The 53 year-old banker was escorted in handcuffs into the court building by police officers to attend a closed-door hearing.

Weil was charged in the United States in November 2008 for conspiring to help 17,000 Americans hide assets worth $20 billion in Swiss bank accounts and declared a fugitive a few months later after failing to surrender to authorities.

As we discussed in our post Bradley Birkenfeld awarded $104 million (13% ) as UBS tax case whistleblower, another Ex-UBS Banker, Bradley Birkenfeld later became a whistleblower for the IRS. He said he learned in 2005 that the UBS’s advice to clients was illegal, and after reporting it to the UBS compliance office to no avail, he decided to become a US government informant. Read More

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Florida Husband And Wife Indicted For Hiding Assets In Offshore Bank Accounts

Gavel[1]Drs. David Leon Fredrick and Patricia Lynn Hough, of Englewood, Florida, were indicted by a federal grand jury in Fort Myers, Florida, for conspiring to defraud the Internal Revenue Service by concealing millions of dollars in assets and income in offshore bank accounts at UBS and other foreign banks, the Department of Justice and the Internal Revenue Service announced today.

According to the indictment, Fredrick and Hough, married doctors, served on the Board of Directors of two Caribbean-based medical schools – one located on Saba, Netherlands Antilles, and one located on Nevis, West Indies. Fredrick had an ownership interest in the medical school on Nevis until 2007, when both medical schools were sold.

The indictment alleges that Fredrick and Hough conspired with each other and with Beda Singenberger, a citizen and resident of Switzerland who is under indictment in the Southern District of New York, and a UBS banker to defraud the IRS. They carried out the conspiracy by creating and using nominee entities and undeclared bank accounts in their names and the names of the nominee entities at UBS and other foreign banks to conceal assets and income from the IRS, including the sale of real estate associated with the medical school on Saba and shares they owned in the medical school on Nevis. The real estate was sold for more than $33 million, all of which was deposited into one of their undeclared accounts in the name of a nominee entity. Read More

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