Stefan Buck, who stood trial in the U.S. for allegedly helping wealthy Americans cheat on their taxes, has landed a new private banking job, finews.com has learned.
In 2013, Stefan Buck gave up his job as head of private banking at Bank Frey, a now-defunct Swiss wealth manager. Six years later, he has landed a job as head of business development for Bergos Berenberg, a person familiar with his hire told finews.com. A spokesman for the Zurich-based private bank confirmed the hire.
Buck's reemergence in the banking industry lends hope to the roster of Swiss bankers ensnared in criminal scandals over tax evasion or money laundering in recent years. Buck is one or more than two dozen Swiss bankers to be charged in the U.S. for offshore dealings with wealthy Americans. He was acquitted of conspiracy two years ago after a four-year legal U.S. legal standoff.
UBS Banker Acquitted
The former head of UBS' private bank, Raoul Weil, is the highest-profile Swiss bankers to face American prosecutors. Weil escaped conviction in the U.S. five years ago and, in a separate trial against him and UBS last year, was also acquitted.
Buck's former employer, Frey, had taken a similar stance to Wegelin, another Swiss bank which went under in the U.S. tax crackdown: Frey argued that since it didn't have an U.S. office, it wasn't subject to Swiss law.
Buyout and Rebrand
Frey's attempts to shield itself from U.S. justice efforts to get at the clients, wealth management companies, bankers, tax lawyers, and other advisers who helped Americans hide money failed: the bank went under in 2013 after, like Wegelin, it was indicted in the U.S.
Bergos Berenberg, which manages roughly $7 billion and traces its roots back to the 16th century, was bought by wealthy investors and rebranded last autumn. More recently, the bank was roiled by an alleged fraud scheme by one of its former private bankers. The bank is working with authorities on the case.
