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The article reports that U.S. prosecutors have charged UBS AG banker Raoul Weil with helping affluent clients evade federal taxes. The Justice Department alleges that Weil organized a group of private bankers who worked to shield approximately $20 billion in assets from taxation. An ongoing global financial crisis helped dissuade U.S. authorities from indicting UBS AG itself.

The article reports that Bradley Birkenfeld, a former employee of UBS AG, and financial adviser Mario Staggl, have been indicted by the U.S. Justice Department on charges they aided clients in tax-evasion schemes. The two men offered financial services to the extremely wealthy. The case is expected to lead to more indictments, and will damage private banking services, a core business of UBS.