Julius Baer Starts Probe After Ex-Wealth Manager Is Arrested
- CEO Hodler says bank not been charged in relation to matter
- Banker was among group set to move to smaller rival Gonet
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Julius Baer Group Ltd. has started an investigation after the arrest of an ex-employee who has since admitted to participating in a billion-dollar scheme to launder money bilked from Venezuela’s state oil company.
The private bank is not being charged, Chief Executive Officer Bernhard Hodler said in Zurich on Thursday, declining to comment further. His comments came after Matthias Krull, 44, a German resident in Panama, pleaded guilty to one count of conspiracy to commit money laundering. He was arrested in July and charged with using real estate and fake investment schemes to conceal $1.2 billion embezzled from Venezuelan crude producer Petroleos de Venezuela SA.