Raoul Weil, the former head of UBS AG’s global wealth management business accused of conspiring to help Americans evade taxes, was ordered to post bail of $10.5 million before trial, according to a court filing. Weil, 54, appeared today in federal court in Fort Lauderdale, Florida, for the first time since he was indicted in October 2008 and declared a fugitive. U.S. Magistrate Judge Patrick Hunt said Weil must post a $9 million personal surety bond with a cash deposit of $4 million, as well as a $1 million corporate surety bond and a $500,000 personal surety bond, according to minutes of the hearing. Weil’s lawyer has said he is innocent. He is the highest-ranking banker among about 100 people charged since 2008 by the U.S. in a crackdown on offshore tax evasion. About three dozen foreign bankers, lawyers and advisers were charged. Tax lawyers not involved in the case said they expect Weil to plead guilty, cooperate with prosecutors, and seek leniency at sentencing. “There’s a good chance he’ll be ready to cooperate, and he’ll be throwing his people under the bus,” said attorney Edward Robbins of Hochman, Salkin, Rettig, Toscher & Perez in Beverly Hills, California. “He knows where all the dead bodies are. To the extent that the government missed any, he can tell them where they are.” [Bloomberg]

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Comments (4)

  1. Posted by guest | December 16, 2013 at 5:43 PM

    awkward!

  2. Posted by suretybonds.com | December 16, 2013 at 8:07 PM

    Woo hoo!!!

  3. Posted by klhoughton | December 17, 2013 at 10:02 AM

    "Who is this guy, W. M. Romney?"

    "Uh…"

    "Never mind. Let's ignore him. Next!"

  4. Posted by Insider | December 19, 2013 at 7:36 PM

    Bess, Ed Robbins is a gas bag. The real story is that Weil knows the names of every single American politician that had undeclared accounts at UBS. DOJ never thought he would come to this country. They merely indicted him as a "we're tough" stunt. DOJ has no interest in getting the names of the politicians because they have already come in under the amnesty programs. This would only cause a huge scandal for the American body politic. Putting Weil on trial would also expose the prior coverup by DOJ. Just as they whisked his underling, Martin Leichti, out of the country with a secret immunity deal, they are looking to get Weil out of here. Fast. The judge has no idea what is really happening between UBS and DOJ. They're going to keep him in the dark.