- Associated Press - Thursday, October 30, 2014

FORT LAUDERDALE, Fla. (AP) - A former high-ranking executive at Swiss bank UBS AG is asking a U.S. judge to acquit him on charges of conspiring with wealthy Americans to hide billions of dollars in assets from the Internal Revenue Service.

Attorneys for Raoul Weil said in a motion filed Thursday that federal prosecutors haven’t proven their case in an ongoing trial that began Oct. 14. Prosecutors had no immediate response and U.S. District Judge James Cohn did not indicate when he would rule.

Weil faces up to five years in prison if convicted. Prosecutors say illegal UBS business overseen by Weil concealed $20 billion in U.S. taxpayer assets.

In 2009, UBS paid a $780 million U.S. fine and disclosed names of thousands of formerly secret American account holders, many of whom were prosecuted.


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