Mara Bernath and Hugo Miller report:
A former UBS Group AG employee, who fled the country rather than face trial, was found guilty of money laundering by a Swiss court over allegations of the theft and sale of client data to German tax authorities.
Rene S., as Bloomberg has identified him, was sentenced by a court in Bellinzona, Switzerland, to serve three years and four months in prison. He was cleared, however, of more serious charges of breaking the country’s bank-secrecy rules.
He was accused of stealing details on more than 200 clients — including more than 30 family foundations — that he allegedly sold to German officials, pocketing 1.15 million euros ($1.15 million).
Read more on Bloomberg.