The trial of a former top official of Switzerland's UBS bank is getting underway in Florida. The U.S. government is alleging that Raoul Weil was instrumental in aiding thousands of U.S. citizens evade taxes by hiding as much as $20 billion in his bank's secret accounts.
He has pleaded not guilty and Weil's attorney indicated to the jury during his opening that the prosecution's case is weak. Bloomberg reports that former employees of Weil's who are expected to be called by the government to testify were "rogue" operators who participated in illegal actions without Weil's knowledge. And he says their implications of Weil are a bid to escape punishment.