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Swiss Banker arrested for fraud

A Swiss UBS employee is facing a 30-year prison sentence for fraud Keystone

A Swiss UBS employee has been arrested in New York for embezzling about $70 million (SFr110 million).

This content was published on September 29, 2001 - 15:37

In a report by the Swiss German television news programme "10 vor 10", Michael Willi, spokesman for UBS Switzerland, confirmed that the banker, who had worked for UBS New York for more than 30 years, had taken out loans using his customers' names.

After receiving the money from UBS he transferred the accumulated $50 million (SFr80 million) to his own private account. The banker, who has not been named, took another $20 million (SFr32 million) directly from his clients' accounts, which he then invested into a building project.

After noticing irregularities in its customers' banking transactions, UBS notified the Federal Bureau of Investigation, who arrested the man immediately.

The suspect faces a 30 years' prison sentence and a fine of up to $1 million (SFr1.5 million).

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