Ex-UBS Exec Opens Up About Swiss Tax Shelters In Weil Case

Law360, Miami (October 15, 2014, 10:39 PM EDT) -- A former UBS AG executive provided a detailed look inside the highly secretive and lucrative world of Swiss banking Wednesday, as federal prosecutors began laying out their case against ex-wealth management head Raoul Weil for conspiring to conceal $20 billion in Americans' assets from the Internal Revenue Service.

Hansruedi Schumacher, who headed the Swiss banking giant's cross-border division, spent most of the day on the stand before jurors and U.S. District Judge James I. Cohn in Fort Lauderdale, Florida, describing a culture of code words and discrete communications that provided tax shelter for thousands of U.S. clients and even more around...

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