A U.S. grand jury has indicted a top UBS bank official with conspiring to help 20,000 wealthy Americans hide their assets from the IRS. Raoul Weil is the chairman of global wealth management at UBS in Zurich. Prosecutors say his bank helped U.S. clients dodge taxes with false documents. Weil's attorney has said his client is innocent and intends to fight the charges.
RENEE MONTAGNE, host:
NPR's business news starts with a major indictment for tax evasion.
(Soundbite of music)
MONTAGNE: It's a major move in a U.S. investigation of tax evasion, and it involves often secretive Swiss banks. Yesterday U.S. authorities charged several top executives at Switzerland's largest bank with helping thousands of wealthy Americans evade some $20 billion in taxes. The indictment comes five months after a former banker at UBS pleaded guilty to helping an American client avoid taxes. The banker also said he would help U.S. investigators.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.