Swiss banker preys on Turks, stealing millions – report

A Swiss banker working at HSBC in Geneva stole millions of dollars from his Turkish clients in a “drip-feed heist” that lasted two years.

The banker allegedly stole about 3 million Swiss francs ($3.2 million) by withdrawing cash in increments of less than 10,000 francs. That meant the theft went undetected, Bloomberg’s Hugo Miller said, citing prosecutors and the bank.

He also stole money by approaching the bank’s cash desk, saying he needed to withdraw money for clients who were visiting town. He then forged signatures to cover his tracks, Miller said citing local news reports. The man, who cannot be identified according to Swiss law, was caught when he tried to withdraw a larger some of money and raised an alarm.

The HSBC wealth manager has been questioned by Geneva police and is accused of criminal mismanagement, forgery and breach of trust, according to the report.

In another incident of fraud, two Geneva-based Turkish fund managers who set up their own firm after leaving Credit Suisse in 2008, are accused of stealing from their rich Turkish clients by forging orders and covering up losses of at least 150 million francs, Miller said.

https://www.bloomberg.com/news/articles/2018-01-31/hsbc-ex-wealth-manager-in-geneva-accused-of-3-2-million-theft