الأربعاء، أبريل 17 17 2024
A Lucerne-based financial advisor’s extensive fraud scheme comes to a definitive end as the Swiss Federal Supreme Court upholds a substantial prison sentence.
A financial advisor from the canton of Lucerne has been finally convicted of commercial fraud and multiple forgery of documents. The Federal Supreme Court confirmed the prison sentence of five years and seven months and dismissed the man’s appeal in its entirety.
The man acquired funds for around eight years, mainly from relatives and acquaintances, until he reported himself in 2015. He deceived investors into believing that he was successful in asset management and foreign exchange trading and was generating high returns. As proof of this, he presented the customers with untrue documents and charts.
In reality, he made losses on his investments. He presented investors with falsified account statements and used fictitious email addresses to prevent individual clients from contacting the bank where they had deposited their money directly. This is the result of a ruling published by the Federal Supreme Court on Wednesday.
The total loss amounted to 6.1 million francs. The asset manager had diverted 1.8 million of this for himself and used it to finance his luxurious lifestyle. He even failed to inform his father-in-law, who was also one of his clients, about the losses.
In its decision, the Federal Supreme Court came to the conclusion that the Lucerne Cantonal Court had correctly established the facts of the case. There is also no reason to criticise the assessment of the penalty.
The lower court had rightly assumed that culpability was present. The forensic psychiatric expert had not found a disorder with disease value, only a personality accentuation with narcissistic traits.
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