By Nathan Hale (November 3, 2014, 5:04 PM EST) -- Jurors in federal court in Fort Lauderdale, Florida, on Monday found former UBS AG executive Raoul Weil not guilty of conspiracy to defraud the United States for his alleged role in helping nearly 20,000 U.S. clients hide $20 billion in assets from the Internal Revenue Service.
The decision comes as a significant blow to federal prosecutors, who had focused their efforts on convicting Weil, formerly the third-ranked officer at the Swiss banking giant as the head of its wealth management and business banking division and the most senior individual they targeted.
"We put our faith in the American system of justice....
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