Zurich, Switzerland (GenevaLunch) - Raoul Weil, chairman and CEO of UBS Global Wealth Management and Business Banking in the US, has been indicted in Florida by a federal court on charges of tax fraud. The indictment says the banker helped hide assets of about 17,000 US citizens from the Internal Revenue Service.

UBS in Zurich has confirmed the information, saying that Weil, who is also a member of the UBS Group executive board, “will relinquish his duties at this time pending the resolution of this matter.”He is currently in Switzerland, according to Forbes/Reuters, which is running a lengthy story with background on the woes of UBS in the US in recent months, from other court cases to the sub-prime mortgage market.

The bank’s shares fell Thursday afternoon on the news. Earlier this year UBS announced that it would stop offering offshore accounts to US citizens.

Related story in Le Temps, Fre

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