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Lombard Odier faces serious money laundering charges from the Swiss Attorney General, echoing the Credit Suisse scandal. The allegations stem from connections to Gulnara Karimova, daughter of Uzbekistan's former president, whose criminal organization funneled billions into the bank through a Russian consultant. Despite the charges, Lombard Odier claims the allegations are unfounded and plans to defend itself vigorously.
UBS shares fell 0.32% to CHF 27.67 following the Federal Criminal Court's acquittal of the bank in a Bulgarian money laundering case. Credit Suisse, originally fined CHF 2 million for failing to monitor ties with the Bulgarian mafia, faces a potential appeal from the Attorney General. The appeals chamber also sentenced two co-defendants, including a confidant of mafia boss Evelin Banev, to prison terms for their roles in the criminal organization.
Bradley Birkenfeld, a former UBS banker, revealed the bank's tax evasion practices, leading to a $780 million fine for UBS and his own imprisonment. After serving two and a half years, he received $104 million as a whistleblower, while the case continues to unfold in France, with significant fines still pending. Birkenfeld's story highlights the complexities of international finance and the consequences faced by whistleblowers.
Furniture once belonging to Pierin Vincenz, the former head of Raiffeisenbank, has surfaced for sale under the name of his ex-wife, Nadja Ceregato, on a classifieds platform. This follows Vincenz's financial troubles stemming from ongoing legal issues, including embezzlement investigations and impending foreclosure of his villa. The listings, which included high-end items, vanished after attracting media attention.
UBS has been acquitted in a case involving Credit Suisse's failure to prevent money laundering linked to a Bulgarian cocaine trafficking gang. A Swiss court overturned a previous conviction and fine, citing the presumption of innocence after the death of a former employee involved in the case. UBS stated that this matter pertains to Credit Suisse's legacy.
A Swiss appeal court has acquitted UBS in a historical money laundering case linked to Credit Suisse, overturning a 2022 conviction. The court determined that the death of a former employee, who had been convicted on related charges, made an appeal impossible.
UBS has been acquitted by the Federal Supreme Court in the Bulgarian cocaine trial, following an appeal. The court's decision was influenced by the death of a former employee linked to the case, which prevented further examination of the accusations against the bank. Consequently, UBS's compensatory claim has been canceled.
UBS has been fined a record 3.7 billion euros by a French court for tax fraud and money laundering, marking the largest penalty in a tax evasion case in France. The bank plans to appeal, asserting that the ruling is based on unfounded allegations and lacks concrete evidence. Additionally, UBS is required to pay over 800 million euros in damages to the French state.
A Swiss court has acquitted Credit Suisse of money laundering charges linked to a Bulgarian cocaine trafficking gang, overturning a 2022 conviction. The ruling cited the death of a former employee, which hindered the examination of the case without violating her presumption of innocence. UBS, now the parent company of Credit Suisse, welcomed the decision, while the Swiss attorney general's office is reviewing the findings for potential further action.
UBS has been acquitted in a case involving Bulgarian mafia money laundering, as the client advisor implicated has passed away. In contrast, Credit Suisse was found guilty in June 2022, receiving a fine of two million francs and ordered to pay 19 million francs in compensation for inadequate organizational measures related to the crime.
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