Here is a summary of notable controversies and negative press associated with Hyposwiss Private Bank, focusing on both its Geneva and Zurich entities:
- The DigitalBank Vault
- May 2
- 3 min read
Disclaimer: This simulated assessment did not access live systems. Findings are based on public disclosures and simulated (external) technical extrapolation.
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Executive Summary by the Encrygma Hacking Team
Here is a summary of notable controversies and negative press associated with Hyposwiss Private Bank, focusing on both its Geneva and Zurich entities:
1.
U.S. Tax Evasion Settlement (2015)
In 2015, Hyposwiss Private Bank Genève S.A. reached a resolution with the U.S. Department of Justice under the Swiss Bank Program. The bank admitted to assisting U.S. clients in evading taxes by maintaining undeclared accounts and facilitating large cash and gold withdrawals to conceal assets. As part of the settlement, Hyposwiss Geneva agreed to pay a penalty of $1.109 million and committed to cooperating with ongoing investigations.
2.
Executive Fraud Allegations (2022)
Avy Lugassy, a senior executive at Hyposwiss Geneva, was arrested in 2022 on suspicion of embezzling between 30–40 million Swiss francs (approximately NIS 100–140 million) from client accounts. Notably, about 25% of the bank’s clients were Israeli, and several prominent Israeli business figures were reportedly affected. Legal actions are being pursued against both Lugassy and the bank.
3.
Reappointment of Convicted Lawyer (2011)
In 2011, Hyposwiss Private Bank Zurich reappointed Hans Bodmer to its board, despite his 2004 guilty plea in a U.S. federal court for money laundering conspiracy. This decision attracted criticism, as the bank’s announcement did not disclose Bodmer’s prior conviction.
4.
Norilsk Nickel Dispute and Board Resignation (2011)
Hans Bodmer resigned from Hyposwiss’s board in 2011 amid allegations related to a dispute over the Russian mining company Norilsk Nickel. Although an external audit by PwC found no evidence of wrongdoing by the bank, and Swiss authorities declined to pursue criminal charges, the incident raised concerns about governance and oversight.
5.
Exposure to Madoff Ponzi Scheme (2008)
Hyposwiss Private Bank Zurich had approximately $50 million invested with Bernard Madoff, representing about 0.14% of its assets under management at the time. In 2010, the court-appointed trustee for Madoff’s estate filed a lawsuit against Hyposwiss, alleging that the bank ignored warnings about the fraudulent nature of Madoff’s operations.
These incidents highlight several areas of concern regarding Hyposwiss Private Bank’s compliance, governance, and risk management practices. If you require further details on any of these matters or assistance in evaluating the bank’s current standing, please let me know.
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Disclaimer: This simulated assessment did not access live systems. Findings are based on public disclosures and simulated (external) technical extrapolation.
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Disclaimer: This simulated assessment did not access live systems. Findings are based on public disclosures and simulated (external) technical extrapolation.
Full Detailed Version (150 pages Report) with all potential attack vectors available on demand , contact us at Agents@DigitalBankVault.com
Costs € 8000 Euro.
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