Business

Ex-UBS banker pleads not guilty in US tax case

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FORT LAUDERDALE, Fla. — A former top executive with Swiss bank UBS AG who was a fugitive for years pleaded not guilty Tuesday to US fraud conspiracy charges stemming from a broad federal tax evasion investigation.

Raoul Weil, 54, entered the plea in a Florida courtroom to charges first filed in 2008. He was a fugitive until his arrest in October in Bologna, Italy, and he was later extradited to the United States. He is free on $10.5 million bail, but he can reside or travel only in South Florida, New Jersey, and southern New York.

Prosecutors say Weil, who left UBS in 2009, conspired as its chief of Global Wealth Management to hide $20 billion in assets from the Internal Revenue Service using secret overseas accounts for thousands of wealthy customers. Weil’s New York-based attorney, Aaron Marcu, said Weil will fight the charges.

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