Top UBS Banker Not Guilty Of Tax Evasion, Big Blow To Offshore Crackdown
In a big setback to the IRS’s juggernaut against tax evasion and offshore accounts, a former top UBS banker has been acquitted of tax evasion. The U.S. charged Raoul Weil with conspiracy to defraud the U.S. government. The former exec was facing five years in prison and a $250,000 fine, and is the highest-ranking Swiss banker prosecuted in the U.S. crackdown. But now he gets to go home to Switzerland.
The IRS has indicted and prosecuted other foreign bankers and advisers, sending a chill through advisers everywhere. One lesson of Mr. Weil’s 2013 arrest in Italy on a 2008 tax indictment is the long reach and long memory of the federal government. But for those with the budget and intestinal fortitude to play it out, Mr. Weil’s case also shows that sometimes on some facts, an acquittal is possible.
International Man wrote about the Raoul Weil case a few months back. See this article to understand how he was clearly a political prisoner.