Swiss Banker Latest Conviction in Singapore’s 1MDB-Linked Cases
- Sturzenegger is first foreigner charged in Singapore’s probe
- Former Falcon Bank branch manager charged with 16 counts
Singapore's Latest 1MDB Conviction
This article is for subscribers only.
Jens Sturzenegger, a former branch manager at Falcon Private Bank Ltd. in Singapore, became the first foreigner convicted in the city’s probes linked to a Malaysian state investment fund.
Sturzenegger, 42, pleaded guilty to six charges, including failing to report suspicious transactions, and was sentenced to 28 weeks in jail and fined S$128,000 ($89,000). Prosecutors had sought a jail term of as long as 32 weeks. His lawyer Tan Hee Joek said in court that Sturzenegger is remorseful and didn’t gain financially from the offenses. Tan said after the hearing his client won’t appeal the sentence.