View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
July 6, 2009

NYT: UBS banker stole millions, fled to Argentina

By Spear's

He grew up in elite circles in Buenos Aires, acquiring the polish and privileged connections that paved the way for him to become a star private banker in New York to wealthy clients at UBS and JPMorgan Chase. But as Hernán E. Arbizu tended the fortunes of his gilded South American clients, he says he also illegally took millions of dollars from them for years while at both banks, without being detected.

He grew up in elite circles in Buenos Aires, acquiring the polish and privileged connections that paved the way for him to become a star private banker in New York to wealthy clients at UBS and JPMorgan Chase.

But as Hernán E. Arbizu tended the fortunes of his gilded South American clients, he says he also illegally took millions of dollars from them for years while at both banks, without being detected.

What is more, Mr. Arbizu said he regularly dipped into UBS client accounts — and even visited the Swiss giant’s offices in Manhattan to ensure that the illicit transactions went through — for at least a year after he left UBS for a new job at Chase in the fall of 2006.

The fast-lane world of private banking has hit some serious speed bumps in recent months, its affluent clientele hit by Ponzi schemers, failed hedge funds and tax evasion investigations from Washington to Europe.

To read the full story, visit nytimes.com

Content from our partners
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024
AP Executive: Your Trusted Global Partner in Wealth Management Recruitment
A League of Their Own

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network