Another Indictment in Offshore UBS Shelter Case

As we reported in the current November/December 2008 issue, UBS is being pursued by the IRS and Department of Justice for helping American clients evade taxes on some $20 billion offshore assets. News today is yet another banker, Raoul Weil, has been indicted. Though the indictment does not mention UBS by name, the Washington Post reported that Weil headed UBS’s wealth management department from 2002 through 2007.

UBS recently complied with IRS and Department of Justice requests for specific names of American clients with offshore accounts. It gave the names of 70 US customers (out of an estimated 20,000) to the agencies Monday, and the IRS independently found 30 more names. Though UBS has said it will no longer offer offshore accounts to US citizens, its continued pursuit by the DOJ and the IRS, along with Barack Obama’s condemnation of UBS as a “tax cheat,” shows some stormy skies ahead for the company’s incredibly profitable wealth management division.


Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn’t fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation so we can keep on doing the type of journalism that 2018 demands.

Donate Now