Markets

UBS senior banker faces fraud charges in US

FORT LAUDERDALE, Florida (AP) — A senior executive with Swiss bank UBS AG has made his initial court appearance in South Florida on U.S. fraud conspiracy charges related to a broad tax evasion investigation.

Raoul Weil had been a fugitive until his arrest in October in Italy. He was extradited to the U.S., where a judge on Monday set bail at $9 million. Weil's lawyers in Switzerland have insisted he is an innocent victim of a political dispute between the Swiss and the U.S.

Prosecutors say Weil conspired to hide $20 billion in assets from the IRS using secret overseas accounts for thousands of wealthy customers. In 2009, UBS paid a $780 million fine and agreed to turn over names of customers suspected of evading U.S. taxes. Many have been prosecuted since.

Related Headlines