Former Rothschild banker dies
A former Rothschild credit manager, Jürg Heer, who embezzled SFr55 million ($33 million) from the bank has died of an AIDS-related illness at the age of 65.
The authorities said on Wednesday that Heer died a week ago at Zurich’s
Heer embezzled the money over a six-year period that began in 1986. He used the proceeds to finance a lavish lifestyle that included cars, art and furniture worth SFr20 million.
He was dismissed in 1992 after irregularities were discovered and then detained. He fled Switzerland during the investigation and was only re-arrested in 1997 in Thailand.
He received a four-year prison sentence in October 1998 and was also fined for violating banking secrecy and for blackmailing three of the bank’s clients.
Heer was released from prison on parole last year.
The scandal forced a major management shake-up at Rothschild and it was also obliged to seek a capital injection.
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