On Friday, a federal jury in Los Angeles acquitted Shokrollah Baravarian, a former senior vice president at the local branch of Israel's Mizrahi Tefahot Bank, of conspiring to help U.S. clients defraud the IRS through the opening of secret foreign bank accounts.

Weil's attorneys blame rogue bankers under him for the illegal activity and said offshore private banking was only a tiny fraction of his job.

If convicted, Weil faced up to five years in prison for conspiracy to commit tax fraud.

The United States in recent years pursued Swiss banks for their role in aiding tax evasion and has increasingly pressured individual bankers.

In 2009 UBS admitted to helping U.S. taxpayers hide money and paid a $780 million fine. Credit Suisse pleaded guilty in May to a U.S. criminal charge and will pay more than $2.5 billion in penalties.

UBS is also under investigation in France and Germany over whether it helped wealthy individuals there dodge taxes.

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