An official investigation into fraud at the Swiss investment firm Hottinger & Partners SA (HPSA) took a twist recently as confidential documents have been leaked to a whistle blowing website (www.hottingersa.com). The anonymous website, named “Hottinger & Partners Fraud” looks as though it has been specifically set up to expose the case and put pressure on the Swiss investigators.
Th leaked documents are believed to have originated from an investigation by the Geneva Public Prosecutor into Fabien Gaglio, The French born financier worked for Swiss investment firm Hottinger & Partners SA (HPSA from 2005. the 39 year old Gaglio effectively managed the investment firm, whose parent company Swiss bank Hottinger & Cie, has roots stretching as far back as the 18th century. Without the knowledge of his partner, the aristocratic Jean-Francois de Clermont-Tonnerre, Hottinger & Partners SA (HPSA), Gaglio admitted in 2013 to defrauded his wealthy clients of over $100 million, running a ponzi scheme very similar to that of Bernie Madoff. Gaglio was even dubbed the “Gallic Bernie Madoff” in an expose by the Bloomberg Business Week back in December.
Wanted by several jurisdictions, it was Luxembourg who were the first to bring about a prosecution. This followed Jean-Francois de Clermont-Tonnerre’s accidental discovery of the fraud in early 2013. At the court hearing, Gaglio said: “Having lived a lie for years, I answer your questions today with the utmost transparency,” he said in a hearing. “I have nothing to hide..Caught in a madness that is hard to explain,” Although Gaglio was convicted in a Luxembourg court on charges of money laundering and fraud, Gaglio was released after just one year into his four year prison sentence.
Now, the victims of the fraud are pressuring the Swiss Authorities to investigate Gaglio further. The whistleblowing website states. “The Swiss authorities have amassed a huge amount of information but have done nothing with it. We are therefore releasing hundreds of pages of evidence so that everyone can understand how Gaglio perpetrated this fraud and how he got away with it for so long”
Gaglio produced fake account statements that he showed to clients that their money was not only being well looked after but producing decent returns. He was also found to have forged client signatures so that he spend their money funding a luxurious and lavish lifestyle on the French Riviera.
The website provides testimonies and accounts from the victims and witnesses to Gaglio’s frauds. One victim, a German tech entrepreneur named Tilman Reissfelder is believed to have had seven million euros stolen by Gaglio, with the money used to pay school fees, rent and even sculptures donated to the New Zealand rugby authorities.
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