Former UBS AG (UBSN) Executive Director Juerg Buergin was convicted of two charges of having paid sex with an underage prostitute in Singapore, with the judge saying that mistaking a minor's age isn't a defense.

Singapore's laws impose a higher standard of care to prevent the sexual exploitation of minors, subordinate court Judge Eddy Tham said today. Buergin, who could be jailed for as long as seven years and fined for each charge, will be sentenced on May 8.

Read more: Ex-UBS Executive Convicted of Paid Sex With Underage Girl