The Swiss newspaper Neue Zuercher Zeitung interviews Raoul Weil, ex-UBS banker who recounts his experience.
Raoul Weil was relieved when the verdict came out as ‘not guilty’ after an exhausting 3 weeks in court. Prior to his acquittal Weil spent 2 months in jail before being released on bail and then spending 10 months under house arrest.
Weil feels that a lot of pressure has been put on him. As an example the prosecutor’s office sent him 4.5m unsorted pages.
An important survey was directed by the FINMA a few years ago and the conclusion was that no illegal process was in placed and the misconduct was the action of a few while over 80% of the advisors followed the rules.
The witnesses, especially Martin Liechti, appeared less and less trustworthy as the cross-examinations were conducted. They also stroke deals with the US Justice which entitled them to non-prosecution. The tactic of bankers to take offers from the US is also rooted in the fact that in Switzerland, despite breaching the laws, they risk little.