$10.5 Million Bail for Ex-UBS Banker Weil

Former head of UBS's global wealth management business, arrested in October in Italy, receives bail in tax evasion case.

Raoul Weil, the former head of UBS AG’s global wealth management business accused of conspiring to help Americans evade taxes, was ordered to post bail of $10.5 million before trial, according to a court filing.

Weil, 54, appeared today in federal court in Fort Lauderdale, Florida, for the first time since he was indicted in October 2008 and declared a fugitive. U.S. Magistrate Judge Patrick Hunt said Weil must post a $9 million personal surety bond with a cash deposit of $4 million, as well as a $1 million corporate surety bond and a $500,000 personal surety bond, according to minutes of the hearing.

If Weil cooperates with prosecutors, they can urge a judge to give him a shorter sentence. He faces as many as five years in prison.

“It is the policy of the Department of Justice to try to have people enter into pleas and get their sentences reduced by assisting the U.S. government in going after others,” said tax attorney Martin Press of Fort Lauderdale. “He could be a treasure trove of additional information.”

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