Imagine vacationing in a beautiful city in Italy with your family when suddenly, you are handcuffed, taken to a holding cell and then extradited back to the U.S. You are not part of any criminal organization nor have you ever committed a crime, but still your family witnesses this terrifying scenario and your friends are reading stories about your alleged corruption in social media outlets.
This happened to Raoul Weil, UBS’s former global wealth-management chief. Weil lost his job after U.S. authorities indicted him on a charge of conspiring to defraud the United States by aiding U.S. taxpayers to hide $20 billion in Switzerland. He was extradited to the U.S. and spent months under house arrest. Weil went to trial and was found innocent.
Several former UBS colleagues chose to cooperate with U.S. authorities and testified against Weil. They falsely alleged that Weil directed them to perform illegal activities to help U.S. clients keep their accounts hidden from the IRS. Weil was found to be innocent. His attorneys were able to prove that it was rogue bankers that were responsible for the bribery and Weil had NOT directed them to conduct criminal behavior.
Even though Weil was found to be innocent, the false allegations railed against him to the authorities cost him his job, AND his personal and business reputation….not to mention the huge costs of his legal defense!
This arrest could have likely been prevented, IF the executive had his own attorney to represent him BEFORE and DURING the investigation! You see – when corporations and executives are targets of an investigation, the corporate attorney, as a general rule, represents the corporation only – NOT the executive. The best protected executive is the one with their own executive limited compliance program or owner/executive protection program that can provide a solid defense against false allegations targeted at an innocent owner or executive. Think of it as insurance that money can’t buy…after all, your freedom and reputation are two of your most valuable assets.
Nobody thinks that this could happen to him/her until it actually does. How vulnerable are you to a potential criminal investigation or indictment? Contact me for a complimentary consultation at my office to assess your risks.
You can also call me at (312) 659-8441 or email at howard.stone@stonemcguire.com
