The Office of the Attorney General of Switzerland has filed an indictment against a former asset manager and former member of the board of directors of a Geneva-based private bank. He is alleged to have misappropriated assets of more than CHF 14 million between 2009 and 2015.

The Office of the Attorney General of Switzerland has filed an indictment with the Federal Criminal Court against a former asset manager and member of the board of directors of a Geneva-based private bank and his wife, it announced on Wednesday.

The former asset manager is accused of repeated serious embezzlement and falsification of documents as well as repeated money laundering. His wife is also on trial for repeated money laundering.

Private Bank in Difficulties

According to the indictment, the accused is alleged to have embezzled assets of more than 14 million francs between 2009 and July 2015 without the knowledge of his client. According to the press release issued by the Office of the Attorney General of Switzerland, he allegedly used these assets to finance his family's lifestyle in particular.

He is also accused of unlawfully using 7 million francs to restructure a company in the Dominican Republic in which he was a shareholder. Also without the knowledge of his client, the accused is alleged to have used 500,000 francs to participate in the capital increase of the Geneva private bank, of which he was a member of the board of directors and which had been in financial difficulties for several years.

Even when the criminal proceedings were already underway, the accused attempted to use the assets entrusted to him to make an additional capital contribution of between 500,000 francs to CHF 1 million francs to the Geneva private bank.

Suspicion of Forgery And Money Laundering

According to the Office of the Attorney General of Switzerland, the accused allegedly sent his client forged bank account statements in order to conceal his actions. He is also alleged to have unlawfully identified himself as the beneficial owner of his client's assets. The Office of the Attorney General has therefore accused him of repeated forgery of documents.

Finally, the former asset manager is accused of repatriating assets of criminal origin from the Dominican Republic to three bank accounts in Switzerland. It is alleged that the former asset manager’s wife carried out individual acts of money laundering by withdrawing cash, in spite of being aware of the proceedings against her husband and the suspicions raised against him.

They are therefore charged with repeated money laundering.