BUSINESS
12/14/2008 05:12 am ET Updated May 25, 2011

UBS Executive Indicted In U.S. Inquiry

A senior Swiss executive at the banking giant UBS has been indicted in an investigation of the bank and its offshore private banking services for wealthy Americans, federal prosecutors said on Wednesday.

The executive, Raoul Weil, oversaw UBS's lucrative cross-border private banking operations from 2002 to 2007.

In a move that could spell bigger trouble for UBS, the indictment also referred to unindicted co-conspirators who "occupied positions of the highest level of management within the Swiss bank." The individuals, the document said, sat on committees that oversaw legal, compliance, tax, risk and other issues. The indictment also referred to unindicted senior bankers, and the managers and "desk heads" who oversaw them.

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