A Swiss Banker Accused of Stealing Client’s Money
The most recent scandal adds to a series of incidents highlighting the persistent secrecy in Swiss banking.
A Swiss private banker is facing serious charges, including theft, money laundering, and fraud. It’s alleged that he used client funds to support a financially troubled bank where he worked.
The banker, who served as a board member at a small private bank in Geneva, is accused of depositing significant sums of money into his own account in 2008. However, this money actually belonged to a third party who wanted to keep their ownership hidden from authorities.
Authorities claim that the banker betrayed the trust of his client and used the money for personal purposes, including providing loans to associates, family, and friends. The prosecutor stated that the funds were primarily used to support the lavish lifestyle of the accused and his family.
The fraudulent activities came to light when authorities in Switzerland raised concerns about large transfers made by the banker to businesses in the Dominican Republic. Investigators found that these funds had a criminal origin.
Additionally, the banker is accused of forging bank statements to deceive his client. Prosecutors allege that he attempted to use at least SFr1 million of the client’s funds to keep his bank afloat, even after being notified of a criminal investigation against him.
The individual, whose identity is protected by Swiss law, is accused of being involved in a complex criminal conspiracy that led to the misappropriation of over SFr14 million ($15.4 million) over seven years until 2015.
