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Hundreds of such transactions, involving sums, ranging from tens of thousands to more than a million Swiss francs, have been unearthed. One such firm, based in Ireland, is called Clarinova. The Berenberg advisor, together with two other Swedes, had stakes in the firm. Trade in the firm’s paper was conducted through Berenberg Bank, as an attorney’s note seen by finews.asia shows.

Advisor On Board

Another company which the 48-year-old managing director used for his activities was a Swedish firm called Wifog, which now operates as a mobile phone provider whose shares are virtually worthless. Up until a year ago, the Berenberg advisor sat on the board of Wifog.

In January 2015, Berenberg entered into a cooperation agreement with the Swedish firm. Berenberg would receive a 5 percent commission for conducting Wifog’s financial businesses. Berenberg issued Wifog shares and bonds which its client advisor in Geneva would then buy and deposit in the client’s portfolio without their permission. A Wifog bond expired in mid-2017 without repayment.

Fired and Stopped

The transactions came to the notice of Berenberg, who then dismissed their aristocratic advisor and filed a criminal charge in Geneva. Berenberg severed ties with Wifog shortly thereafter.

The disgraced banker is now at Aldrin Wealth Management in Geneva, where a former colleague from EFG International and Berenberg times is now employed. Some of the Swede's clients from Berenberg moved with him to Aldrin, where was fired in the fall of 2017 when his fraudulent activities were uncovered.

Incomplete Statements

The banker’s operating methods were impudent and at the same time refined. With some Swedish clients, especially those with undeclared monies, he involved British life insurers as middlemen, like for example Friends Provident or Premium Life. They became thus custodians of the client assets, which were managed though by Berenberg and Aldrin.

Since the insurers now held the funds, the legally entitled clients never received complete account statements, which gave the advisor a free hand for conducting his fraudulent activities.

With the charges at the Geneva state prosecutors and Finma the Swedish advisor's career in Swiss banking should now be over. Countless clients will now be hoping for millions in compensation.