A former executive of Julius Baer's derivates business is in the hot seat after a London court issued an arrest warrant. But not because he likes to drive fast.
Things are getting uncomfortable for a former executive of the Swiss bank Julius Baer. A London court sentenced the financier in absentia to a prison term, as reported by «Reuters».
The 47-year-old banker headed GAM's structured investments business between 2004 and 2009 when it was still operating as a subsidiary of Zurich-based private bank Julius Baer. He pleaded guilty after a trial that he did not attend and was subsequently remanded for custody.
Funding a Luxurious Lifestyle
The Southwark Crown Court in London held in 2018 the ex-Julius Baer banker had lined his pockets along with a partner while managing a mandate worth around $800 million for the Libyan sovereign wealth fund Libya Africa Investment Portfolio (LAP).
The sum of money accumulated over four years starting in 2009, which the perpetrators diverted to offshore accounts in Monaco, the Cayman Islands, Seychelles, and Dubai, amounted to $25 million, according to the court. They allegedly used the embezzled money to fund a lavish lifestyle.
Trial Interferes With Hobby
The ex-Julius Bear banker indulged in an expensive hobby, taking part in amateur car races with his cars, a passion that got in the way of the criminal case in Great Britain. In 2018, «Bloomberg» (behind paywall) reported on a complaint by the accused to the London court because it had ordered the freezing of his assets interfered with his ability to participate in races.
Together with his partner, he has been sentenced to a total of eleven years in prison.
