A Florida court has acquitted Raoul Weil, former head of wealth management at UBS, of the charges that he aided wealthy Americans hide $20bn in offshore accounts from the Internal Revenue Service.
Jurors deliberated just over an hour before returning the not guilty verdict for Weil.
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Weil, who had been extradited to the US to stand trial, had faced up to five years in prison and a $250,000 fine if found guilty.
"We’re obviously pleased with the verdict. This was a case that should never have been brought," said Weil’s attorney, Matthew Menchel.
A spokeswoman for prosecutors said they respect the jury’s verdict.
In 2009, UBS paid a $780m fine and handed over 4,450 names of US clients to the IRS, many of whom were later prosecuted.
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