Four former bankers at Sal Oppenheim, a European private bank, have been found guilty of criminal breaches of trust over investments.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
German criminal law has included a provision for prosecutions over "breach of trust" since the financial crisis allowing prosecutors to charge bankers at a number of institutions including BayernLB, HSH Nordbank and Sal Oppenheim, reported the Financial Times.
The four liable partners including two members of the German aristocracy have Sal Oppenheim in 2010 the firm was acquired by Deutsche Bank.
Although the men who acted in a climate of negligent supervision did not enrich themselves personally from the deals but the court found them deserving of punishment.
The proceedings of the case is being heard at the Regional Court of Cologne presided by judge Sabine Grobecker.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
