(Bloomberg) -- Raoul Weil, who once ran UBS AG’s global wealth-management business, referred to accounts hidden by U.S. clients from the IRS as “toxic waste,” a witness at his tax-conspiracy trial said.

Martin Liechti, a former UBS banker cooperating with prosecutors, told federal jurors in Fort Lauderdale, Fla., that Weil knew in 2002 that thousands of accounts opened at the Swiss bank by U.S. clients didn’t comply with tax laws.

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