Ex-HSBC Exec Cops To Helping Clients Hide €1.6B

Law360, London (August 8, 2019, 9:25 PM BST) -- The former head of HSBC's Swiss private banking arm pled guilty to hiding more than €1.6 billion ($1.79 billion) in assets for clients to evade European tax authorities, French prosecutors said Thursday. 

Peter Braunwalder, former chief executive of HSBC's Swiss private bank, admitted to opening opaque Swiss bank accounts, providing fake loans and setting up offshore trusts to help clients conceal their wealth. (AP) Peter Braunwalder, former chief executive of HSBC Private Bank (Suisse) SA, was fined €500,000 and sentenced to a year in prison, completely suspended, for his role helping customers dodge taxes in 2006 and 2007, a spokeswoman for France's national prosecutor's...

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