Last July, a federal grand jury in Florida “indicted the head of UBS’s worldwide wealth management business, Raoul Weil, for his alleged role in helping thousands of Americans hide their money in secret accounts set up by UBS.” Yet, despite the investigation, ABC News reports that the Swiss bank is back in business in Florida this week “as the main sponsor of one of the great gatherings of the super-rich, the Art Basel exhibition in Miami.” One tax expert questioned whether UBS should be allowed host extravagant parties in the U.S. while under indictment:
“They sent their salespeople here. They have encrypted computers. They smuggled assets out of the country to help those people conceal what they should have paid the IRS,” said Jack Blum, a Washington tax lawyer and consultant to the IRS. “So the question is, why should a bank like that be allowed to continue in business?” said Blum of UBS.