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Deutsche Bank, UBS Convicted in Swaps Fraud Case

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Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Depfa Bank Plc were convicted by a Milan judge for their role in overseeing fraud by their bankers in the sale of derivatives to the city of Milan.

Judge Oscar Magi in Milan yesterday ordered that about 90 million euros ($119.6 million) of assets be seized from the banks, the amount of their profit, and that the firms pay sanctions of 1 million euros each. He also convicted nine bankers of fraud, and suspended their sentences.