Swiss asset manager Raoul Weil, who is wanted in the US for helping UBS clients evade taxes, has been arrested from a hotel in Bologna, Italy, while on a holiday.
Weil, a former wealth management head at UBS, is likely to be extradited to the US for allegedly helping clients open accounts in Switzerland and evade taxes between 2002 and 2007. He was declared a fugitive under the US laws in 2009.
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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.
Weil headed the wealth management international business of UBS from 2002 to 2007, when he became the chairman and CEO of the unit. He is, currently, the CEO of Switzerland wealth management company Reuss Private Group.
He was arrested after he registered at the hotel and his name featured in the international fugitives list.
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