The Swiss Federal Criminal Court sentenced on Thursday a former employee of Credit Suisse to a two-year suspended sentence for breaching bank secrecy laws and money laundering.

"/> The Swiss Federal Criminal Court sentenced on Thursday a former employee of Credit Suisse to a two-year suspended sentence for breaching bank secrecy laws and money laundering.

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CREDIT SUISSE

Ex-Credit Suisse worker guilty of data theft

The Swiss Federal Criminal Court sentenced on Thursday a former employee of Credit Suisse to a two-year suspended sentence for breaching bank secrecy laws and money laundering.

Ex-Credit Suisse worker guilty of data theft
Pingelig (File)

The former bank worker was also fined 3,500 francs ($3,727) after he confessed to having stolen confidential client data before selling it on to German officials.

The events go back to 2007, when the ex-Credit Suisse worker began pilfering confidential data “to kill time, out of passion and historical interest.”

One day, he accidentally left his briefcase at the gym where he worked out. An Austrian IT specialist, who also used the fitness centre, found the case and looked inside.

There he discovered some compromising handwritten notes from the defendant and, recognizing the potential benefits, made the defendant an offer.

The Austrian then contacted German fiscal authorities. With the help of the Credit Suisse employee, he delivered confidential data on up to 2,500 account holders in Switzerland with bank deposits totalling around 2 billion francs ($2.13 billion).

In exchange, the Austrian man received €2.5 million ($2.25 million), while the defendant took a cut of €320,000 ($417,000), the Tribune de Genève reports.

After his arrest in September 2010, the Austrian hanged himself in his prison cell in Bern. The defendant was detained at his girlfriend’s home in the Czech Republic.

Credit Suisse said it was glad the thief had been convicted. The Swiss bank paid a fine in September of €150 million ($185 million) to end the German investigation into tax evasion sparked by the data theft.

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CREDIT SUISSE

Probe unearths second spying case at Credit Suisse

An internal Credit Suisse probe confirmed Monday that a second executive had been spied on, following earlier revelations that the bank's former head of wealth management was tailed by private investigators.

Probe unearths second spying case at Credit Suisse
Photo: Depositphotos

But Switzerland's number two bank maintained that just one senior leader, who has since been forced out, was entirely to blame for both incidents and that rest of the top brass had not been aware of the activities. 

Releasing the investigation conducted by the Homburger law firm, Credit Suisse said that “it has been confirmed that Peter Goerke, who was a Member of the Executive Board at the time, was placed under observation by a third-party firm on behalf of Credit Suisse for a period of several days in February 2019.”

The probe was launched following media reports last week that spying at Credit Suisse ran deeper than one case.

The banking giant was shaken by the discovery last September that surveillance had been ordered on star banker and former wealth management chief Iqbal Khan.

READ: Credit Suisse boss resigns following spying scandal

Kahn was tailed after he jumped ship to competitor UBS, sparking fears he was preparing to poach employees and clients.

That revelation came after Khan confronted the private investigators tailing him, leading to a fight in the heart of Zurich. Khan pressed charges.

An initial investigation by Homburger blamed former chief operating officer Pierre-Olivier Bouee, who stepped down, but found no indication chief executive Tidjane Thiam was involved.

The probe results released Monday echoed those findings, concluding that Bouee “issued the mandate to have Peter Goerke put under observation.”

“As was the case with Iqbal Khan, this observation was carried out via an intermediary,” it said, stressing that Bouee “did not respond truthfully” during the initial investigation “when asked about any additional observations and did not disclose the observation of Peter Goerke.”

The new investigation also did not find indications that Thiam or others in the board or management “had any knowledge of the observation of Peter Goerke until media reported on it,” the statement said.

“The Board of Directors considers the observation of Peter Goerke to be unacceptable and completely inappropriate” it said, adding that it had issued an apology to Goerke.

It added that “safeguards” were already in place to avoid future similar misconduct. Switzerland's market watchdog FINMA meanwhile said last week that it was “appointing an independent auditor to investigate Credit Suisse in the context of observation activities.”

“This investigator will clarify the relevant corporate governance questions, particularly in relation to the observation activities,” a statement said Friday.

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