Former UBS AG and Neue Zuercher Bank  (NZB) executive Hansruedi Schumacher pleaded guilty to helping wealthy American hide their money from tax authorities reports Bloomberg. H. Schumacher was the regional market manager for North American international business at UBS from the 1990s through mid-2002. He later worked for NZB from 2002 through to 2009.

H. Schumacher had testified in October 2014  at Raoul Weil’s court case and accused him of being part of the scheme to defraud the Internal Revenue Service (IRS). Raoul Weil was acquitted.