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Ex-UBS Employee Charged With Data Theft on Trial in Switzerland

  • Accused charged with bank secrecy violations, money laundering
  • Case involved data allegedly sold to German tax authorities
UBS Group AG Chief Executive Officer Sergio Ermotti Presents Full Year Earnings
Photographer: Stefan Wermuth/Bloomberg

An ex-employee of UBS Group AG charged with stealing data on the bank’s clients and selling it to German tax authorities stands trial in Switzerland on Monday, in a case that rakes up the thorny issue of whether such leaks are the work of a whistleblower or a thief.

The man, whom Bloomberg is only identifying as Rene S., is accused of commercial espionage, violation of Swiss banking secrecy, money-laundering and illegal munitions possession, according to the indictment drawn up by Swiss federal prosecutors.