UBS, which has some 8,200 financial advisors, says that Raoul Weil, the head of UBS Global Wealth Management and Business Banking and a member of the Group Executive Board, has been indicted by a federal grand jury in the Southern District of Florida. His indictment is part of the ongoing investigation of UBS' U.S. cross-border business by the U.S. Justice Department.
Weil was previously head of UBS Wealth Management International from 2002 to 2007.
In the interest of the firm and its clients, and in order to defend himself, Weil has decided to relinquish his duties pending the resolution of this matter. On an interim basis, Marten Hoekstra, now deputy CEO of UBS' Global Wealth Management & Business Banking and Head of Wealth Management U.S., will assume Weil's duties.
As announced on July 17, UBS has ceased providing cross-border private banking services to U.S.-domiciled clients through its non-U.S. regulated units. UBS says it is fully committed to continuing its efforts to cooperate with the investigation of its U.S. cross-border business and to working in a responsible manner with all relevant authorities towards a satisfactory resolution of this matter.