South Florida

Defense Begins in Tax Fraud Trial of Ex-UBS Exec

Defense witnesses are set to begin testifying in the South Florida trial of a former top executive at Swiss bank UBS AG charged with conspiring with wealthy Americans to hide billions of dollars from the Internal Revenue Service.

Prosecutors rested their case last week, and the defense for Raoul Weil begins Monday. Weil's lawyers have asked U.S. District Judge James Cohn to acquit Weil, claiming the government hasn't proven its case. Cohn has not said when he will rule.

Weil faces up to five years in prison if convicted of helping UBS conceal $20 billion in U.S. taxpayer assets. Weil blames wrongdoing on rogue bankers.

In 2009, UBS paid a $780 million U.S. fine and disclosed names of thousands of formerly secret American account holders, many of whom were prosecuted.
 

Copyright AP - Associated Press
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