Ex-UBS Exec Says He Didn't Know About Tax Evasion Scheme

Law360, Miami (October 14, 2014, 8:26 PM EDT) -- Prosecutors painted ex-UBS AG wealth management head Raoul Weil as the driving force behind a scheme to help U.S. taxpayers conceal assets in Swiss accounts, but his attorney told jurors Tuesday at the start of his trial that he was unaware bankers in his division were helping Americans evade taxes.

In opening arguments before U.S. District Judge James I. Cohn, Weil's attorney Aaron Marcu of Freshfields Bruckhaus Deringer LLP told jurors that the scheme was perpetrated by subordinates who never told Weil about it and are now cooperating with the government to avoid prison time.

“The bankers will be trying to...

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