Defense rests in tax fraud trial of ex-UBS exec

Defense rests in tax fraud trial of ex-UBS exec

The defense rested without calling any witnesses in the South Florida trial of a former top executive at Swiss bank UBS AG charged with conspiring with wealthy Americans to hide billions of dollars from the Internal Revenue Service.

Raoul Weil told U.S. District Judge James Cohn on Monday that he wouldn't testify. Prosecutors rested their case last week.

Defense lawyers have asked to acquit Weil, claiming the government hasn't proven its case. Cohn hasn't said when he will rule.

Weil faces up to five years in prison if convicted of helping UBS conceal $20 billion in U.S. taxpayer assets. Jurors could begin deliberating Monday.

In 2009, UBS paid a $780 million U.S. fine and disclosed names of thousands of formerly secret American account holders, many of whom were prosecuted.

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