NYT: UBS banker stole millions, fled to Argentina - Spear's Magazine

NYT: UBS banker stole millions, fled to Argentina

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



 

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