A former wealth manager at HSBC Holdings Plc's Swiss private bank was accused of stealing about CHF3 million from Turkish clients by drip-feeding money from their accounts over a two-year period, Bloomberg News reported Jan. 31, citing newspaper Tribune de Geneve.
The alleged theft remained undetected for so long because the banker stole only a maximum of CHF10,000 at a time, the report said, citing the police. The banker, whose identity is protected by Swiss law, stole more money by approaching the bank's cash desk and claiming he was withdrawing money for clients using falsified signatures, the newspaper added. His alleged crimes were only discovered when he tried to take out a larger amount, triggering alarms.
"As soon as we had suspicions, we launched an internal investigation, terminated his employment and passed the case to the relevant authorities," Michael Spiess, an HSBC spokesman said.
Philippe Knupfer, a spokesman for the Geneva prosecutor's office, said the banker had already been question by the Geneva police and is facing claims of criminal mismanagement, forgery and breach of trust. He worked with an accomplice and stole from up to 15 victims, according to Tribune de Geneve. Bloomberg noted that the number was not immediately verified by the local prosecutor.
