Bankers await fallout of Weil tax evasion acquittal

Bankers await fallout of Weil tax evasion acquittal Matthew Allen, Swissinfo 

04.04.2014

Former top executives at UBS might be sleeping a little easier after Raoul Weil was cleared by a Florida jury on Monday of running a tax evasion racket at the Swiss bank. But what are the ramifications of this verdict on other banks and individuals?

Despite Weil refusing to call any defence witnesses, the jury took just 75 minutes to acquit the former UBS head of wealth management of helping US citizens defraud the Internal Revenue Service (IRS). The verdict is a major blow for the Department of Justice’s (DoJ) seemingly unstoppable campaign of convicting tax cheating suspects.

After UBS was fined $780 million (CHF747 million) in 2009 for helping...