Swiss police seize banker accused of heavy losses for VIP client

 21 Jan 2016 - 0:00

Swiss police seize banker accused of heavy losses for VIP client

 

Geneva: A banker who reportedly lost tens of millions for a VIP client has been arrested, Swiss investigators said Wednesday.

The individual has been detained by Geneva police and his home searched, the public prosecutor for the canton (region) of Geneva told AFP, without giving further details.

The Zurich daily Tages Anzeiger earlier reported that the banker, working for Credit Suisse, had exceeded his authority, losing more than 50 million Swiss francs ($50 million, 45 million euros) for a wealthy client.

The daily Le Temps put the losses at closer to 100 million francs and said the client was a Georgian oligarch.

Two other clients have lost 70 million francs and are preparing to file a criminal complaint against Credit Suisse, Le Temps said.

In all three cases, an investment was made in a US pharmaceutical firm, Raptor, whose stock value plummeted after it failed to get regulatory approval in the United States for one of its medications, the French-language daily said.

AFP