Italy Reportedly Probes UBS Over Fraud Claims

Tom Burroughes Group Editor Geneva 31 January 2020


The report says an asset management firm was helped by the Swiss banking group to con clients out of about €6. million.

The European unit of UBS is being probed by Milan prosecutors for allegedly helping an asset management firm defraud 117 clients out of about €6 million ($6.6 million), Bloomberg reported (30 January 2019), citing unnamed sources.

Sofia Sgr used UBS as an intermediary to deposit and move funds for its clients between 2013 and 2017, the sources were quoted as saying.

Prosecutors completed the first part of the probe this week, and will accuse UBS of hiding the fraud by obstructing authorities and not reporting suspicious operations, according to the unnamed sources, the report said.

Prosecutors may seek indictments after notifying the individuals and firms involved that the investigation is now completed, the people said.

UBS spokesperson in Italy told WealthBriefing it does not comment on ongoing legal procedures.

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