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Nothing is as secure as a Swiss bank. they thought. But then Gregory P.* (78) and his wife Vera P.* (79) were scammed into millions. A former Julius Baer banker is said to have stolen a total of 22 million from them, as reported by the “Aargauer Zeitung”.
The couple, originally from Ukraine, have lived in Zurich for 20 years. Gregory P. made a fortune with a startup that revolutionized stent technology for vascular disease – patents and stocks paid off.
The couple entrusted all the money to the accused banker when they moved to Switzerland. From 2001 to 2009 the man worked for Julius Baer and then started his own wealth management company, where he worked with Julius Baer. Special feature: With the money of two elders – even without a power of attorney – he was able to act independently. And that was exactly what he was said to shamelessly exploit to finance his luxurious life.
He wanted to pay back everything
Despite the 2007/08 financial crisis, the banker lived in the lap of luxury. At the expense of Vera and Gregory P., she bought apartments in Ticino and on the Zurich Gold Coast and a Range Rover. Particularly bold: in 2009, the couple officially transferred $ 1.5 million from P.’s account on behalf of the couple. But they didn’t know anything about it. Shortly after, the banker bought a thirty-metre yacht located in the Mediterranean.
When the fraud was discovered, the banker admitted that he took his customers’ money. He insisted he wanted to pay back everything but got into a “mess”.
The couple was unaware of the transfers as the banker hid messages throughout the bank. At dinner, the couple preferred to inform about their financial situation. The reason he gave was because many documents filled his mailbox. And Gregory and Vera P. believed him, they trusted him and the Swiss banking system.
Julius Baer denies any offense
It was only four years ago that the couple became suspicious when they came across strange real estate deals. They examined the transactions and discovered the vulnerability in their account.
Now the couple demands that Julius Baer take responsibility for this. The civil suit against the bank at the Zurich Commercial Court begins Monday. Gregory and Vera P. accuse it of not fulfilling if there was a system of control.
But Bank Julius Baer sees no guilt in himself: The two must have checked their bank statements. In addition, the criminal case against the former banker will be heard in the Zurich District Court in August. Now he denies everything. (two)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
