Raoul Weil, the former head of UBS global wealth management business charged with tax fraud by US authorities, was granted US$10.5 million bail by the federal court in Fort Lauderdale, Florida.

Weil’s attorney, Aaron Marcu said that Weil did not enter a plea in the case and his arraignment was postponed until 7 January.

U.S. Magistrate Judge Patrick Hunt let Weil post a US$9 million personal surety bond with a cash deposit of US$4 million, a US$1 million corporate bond and a US$500,000 personal bond.

Hunt added that Weil’s US$9 million bond must be co-signed by his wife, while the US$500,000 personal surety bond must be co-signed by friends in New Jersey.

The judge ordered Weil to be subjected to electronic monitoring with global positioning system (GPS) and ordered him to surrender his passport.

If convicted, he will face up to five years in prison for conspiracy to commit tax fraud.

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By GlobalData

Weil was extradited to the US from Italy for allegedly helping clients open accounts in Switzerland and evade taxes with a hefty US$20 billion in total assets between 2002 and 2007. He was arrested after he registered at the hotel and his name featured in the international fugitives list.

Previously, UBS managed to avoid legal action by paying penalties of US$780 million and disclosing the details of nearly 4,500 accounts of US clients.