Bank Sarasin has given
further details of its action against an ex-IT employee who stole
and shared the account information of the Swiss National Bank
chairman’s family.

Bank Sarasin filed
charges against the employee for violating bank-client
confidentiality and commercial secrecy which has engulfed the bank
chairman in an insider trading scandal.

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Bank Sarasin is also
directing charges against third parties for inducing the employee
to violate bank-client confidentiality and for exploiting the
violation of commercial secrecy.

The bank said that they
reserve the right to take further legal action. In particular, they
said that they might take action against a Swiss weekly newspaper
for erroneous reporting.

 

Screen shots
passed to party

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Last week, the Swiss
bank fired the IT employee who illegally passed on confidential
client information to a Swiss political party.

Bank Sarasin said that
the employee stole this data by taking screen shots of the
Hildebrand family’s portfolio and of currency
transactions.

The information
concerned the currency transactions of the wife of Phillip
Hildebrand, chairman of the Swiss National Party.

Hildebrand’s wife
allegedly converted CHF400,000 to US dollars, making an estimated
$50,000 profit from the trade several weeks before the Swiss
currency was capped at CHF1.20 to the euro.

The bank said that they
have no reason to believe that any other employee violated
bank-client confidentiality in connection with the Hildebrand
family.