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Ex-HSBC Wealth Manager Accused of $3 Million Drip-Feed Heist

  • Banker allegedly stole in small increments to avoid detection
  • Man accused in Geneva of criminal mismanagement and forgery
HSBC Holdings Plc Headquarters And Branches As Banks Seeks To Stop Slump In Revenue
Photographer: Luke MacGregor/Bloomberg
Updated on

A former wealth manager with HSBC Holdings Plc’s Swiss private bank in Geneva was accused of stealing about 3 million Swiss francs ($3.2 million) from his rich Turkish clients, drip-feeding money from their accounts over a period of two years.

The alleged theft by the banker, who can’t be identified under Swiss law, went undetected for so long because he robbed no more than 10,000 francs from his clients at one time, the Tribune de Geneve cited the police as saying. The bank and prosecutors confirmed allegations.