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'Fugitive' ex-UBS wealth chief arrested in Italy
by Dylan Lobo on Oct 22, 2013 at 07:49
The former chief executive of UBS Wealth Management has been arrested in Italy.
Raoul Weil, who was declared a ‘fugitive’ from justice by the US courts in 2009 following a probe into the dealings of the bank’s high net worth clients, was arrested in the early hours of Saturday morning after using his own name to check into a hotel in Bologna, according to reports.
Weil was accused of helping around 17,000 clients with an aggregate of $20 billion dodge taxes between 2002 and 2007. He was subsequently indicted in 2008 and released by the bank, which two years later agreed to pay $780 million to cover its role in helping people evade tax.
Since his exit Weil had been working as chief executive of Reuss Private Group, which controls around SFr4 billion.
The group remained firmly behind Weil following the news. A spokesperson is reported to have told reporters: ‘There was nothing against him in Switzerland. He was fully transparent about his situation, and there was no reason not to appoint him as chief executive.’
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