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January 13, 2009 7:42 PM

Federal Court Declares UBS Executive a Fugitive

Posted by Brian Baxter

A federal court in Fort Lauderdale has declared Raoul Weil, the former chairman of Zurich-based UBS's global wealth management and business banking division, a fugitive.

In a one-page order, U.S. district court judge James Cohn wrote that "[t]he clerk of this court shall remove [Weil] from the court's pending case list and shall place the defendant on the clerk's fugitive list."

Weil was indicted in November as part of an ongoing tax probe by the Justice Department and IRS into whether UBS helped wealthy U.S. clients hide assets in overseas accounts in order to avoid paying taxes.

The charges against Weil, a Swiss national, have their origin in a 12-page indictment that the Justice Department unveiled last May against former UBS private banker Bradley Birkenfeld. (Birkenfeld pled guilty in June and is cooperating with prosecutors.)

An after-hours call to the New York office of Weil's lawyer, Covington & Burling white-collar defense and investigations practice group coordinator Aaron Marcu, was unreturned by the time of this post.

In November, Marcu told The Am Law Daily that he and Weil "fully intend to fight this indictment and look forward to vindicating [Weil's] good name."

Marcu will have to locate his client first.

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