Large amounts of clients' funds are said to have been embezzled at the asset manager Hottinger et Partners in Geneva. The suspect is a partner and member of the administrative council.

A banker in Geneva, Fabien Gaglio, is suspected to have committed acts of fraud: He is said to have embezzled large quantities of clients' assets at the Geneva based asset manager Hottinger et Partners (HPSA) – according to information from finews.ch, the total damage done could exceed an amount of 100 million Swiss Francs.

Fabien Gaglio is a member of the board of Hottinger et Partners, launched in 2004. As reported by the newspapers «Sonntagszeitung» and «Le Matin Dimanche», the company itself has filed a complaint against Gaglio. The French national is still listed as a member of the administrative council. 

According to further informations, some customers have suffered a damage amounting to 10 million Swiss Francs. Gaglio had been dismissed from Hottinger et Partners a month ago. He had surrendered himself to the judicial authorities of Geneva, when his employer had filed a complaint against him.

«HPSA is the main victim»

«HPSA is the plaintiff and the main victim of the potentially illegal actions committed by Fabien Gaglio», the Wealth Managemer wrote to the «Sonntagszeitung».

The problem is that there are obviously many foreign clients among the victims, of whom some might be in situations, which are not clarified from a fiscal perspective.

Now independent from Hottinger & Cie.

Hottinger et Partners is formally independent from the Swiss private bank Hottinger & Cie. Frédéric and Rudolphe Hottinger from the old family of bankers were, however, the founders of the agency in Geneva. Frédéric Hottinger left as chairman of the board last year in March for Michel Playe.

Roughly two years ago, in September 2011, Gaglio accepted the award of the Society of Trust and Estate Practitioners for the «Private Banking Team of the Year» (at that time still on behalf of Hottinger & Cie.) in London jointly with Jean-François de Clermont-Tonnerre, who is also member of the administrative council of Hottinger & Partners and apparently acts as a point of contact for affected clients (images).

The website of Hottinger et Partners has been switched off meanwhile.