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Justice Department Indicts Swiss Banker in Offshore U.S. Tax Probe
By Brian Monroe
printFederal authorities Wednesday charged the former head of UBS's offshore private banking division with helping tens of thousands of U.S. clients conceal billions of dollars from the Internal Revenue Service. The executive, Raoul Weil, oversaw the cross-border private banking division of the mammoth Swiss bank from 2002 to 2007. UBS, which is based in Zurich, manages more than $2 trillion in assets, according to its 2007 annual report. The decision by the U.S. Justice Department to go after Weil is just the beginning of what will be a wave of indictments against managers and directors at that bank and others...
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