Ex-UBS banker pleads not guilty in U.S. tax case

10:32 AM, Jan 7, 2014   |    comments
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FORT LAUDERDALE, Fla. (AP) - A former top executive with Swiss bank UBS has pleaded not guilty to U.S. fraud conspiracy charges stemming from a broad federal tax evasion investigation.

Raoul Weil entered the plea Tuesday in a Florida courtroom to charges first filed in 2008. He was a fugitive until his arrest in October in Italy and was later extradited to the U.S. He is free on $10.5 million bail.

Prosecutors say Weil conspired to hide $20 billion in assets from the IRS using secret overseas accounts for thousands of wealthy customers. Weil's lawyers in Switzerland have insisted he is innocent.

In 2009, UBS paid a $780 million fine and turned over names of customers suspected of evading U.S. taxes. Many have been prosecuted since and others paid penalties and back taxes.

(Copyright 2014 by The Associated Press. All Rights Reserved.)

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