Ex-UBS Clients Describe Tax Schemes In Raoul Weil Trial

Law360, Miami (October 20, 2014, 10:07 PM EDT) -- UBS AG bankers encouraged and helped clients hide their assets from the Internal Revenue Service in foreign accounts, according to two former clients who testified Monday in the case against ex-wealth management head Raoul Weil for conspiring to conceal $20 billion in Americans' assets.

Prosecutors called Juergen Homann, a German businessman who pled guilty in 2010 in a high-profile tax evasion case, to the stand to illustrate to jurors the creative maneuvers done by bankers in the Swiss banking giant's cross-border division to keep their clients out of jail.

Homann, who immigrated to the United States in 1968, told jurors that...

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