Geneva asset manager sentenced to prison for money laundering

The Swiss Federal Criminal Court has sentenced a Geneva-based asset manager to seven years and eleven months in prison. The man was found guilty of qualified embezzlement, forgery of documents, and money laundering.

Between 2009 and 2015, the defendant misappropriated over 14 million Swiss francs from funds entrusted to him. While a client had transferred nearly 44 million francs to a bank account intended for professional management, the manager diverted significant portions of the money to fund his personal lifestyle. This included purchasing a Porsche Cayenne and financing his daughter's wedding.

To conceal the theft, the manager provided the client with forged bank statements. He also used the funds to increase his stake in a bank and made various investments in the solar industry. The court ordered the defendant to pay approximately 12.3 million Swiss francs in damages to the former client, and assets have been seized to secure the payment and legal costs.