Florida judge grants $10.5 million bail for ex-UBS banker

Mon Dec 16, 2013 4:08pm EST
 
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By Zachary Fagenson

FORT LAUDERDALE, Florida (Reuters) - Raoul Weil, a former high-ranking UBS banker charged with tax fraud by U.S. authorities, was ordered freed on bail of $10.5 million on Monday in federal court in Fort Lauderdale.

Weil, a 54-year-old Swiss citizen, is charged with helping Americans dodge taxes via secret Swiss bank accounts.

Weil appeared in shackles and a gray prison jumpsuit three days after he was extradited from Italy. He did not enter a plea and his arraignment was postponed until January 7.

"Mr. Weil has consistently denied wrongdoing in this case. He intends to enter a not guilty plea in January," his lawyer Aaron Marcu, told Reuters by email after the bail hearing.

U.S. Magistrate Judge Patrick Hunt agreed to let Weil stay with friends in New Jersey after putting up the bond, which included $9 million in a personal surety by Weil, $500,000 from the New Jersey family and the other $1 million a corporate surety bond signed with a bail bondsman.

Weil, the ex-head of wealth management at UBS UBSN.VX, was arrested in mid-October on vacation with his wife at an upscale hotel in the northern Italian city of Bologna. He was extradited to the United States late last week after an Italian judge rejected a request for house arrest.

If convicted, he faces up to five years in prison for conspiracy to commit tax fraud.

The judge ordered Weil be placed on a GPS monitoring system and surrender his passport.   Continued...

 
Former UBS banker Raoul Weil is seen in a booking photo after his arrival at the Broward Sheriff's Office in Fort Lauderdale, Florida December 13, 2013. REUTERS/Broward Sheriff's Office via Reuters/files