Private Banking Fraud – Argentina & Uruguay
A WCF professional oversaw a private bank’s investigation of the embezzlement of $66 million from a bank customer who had corrupted and conspired with the private bank’s general manager. This customer ultimately was able to open numerous private banking accounts that included substantial lines of credit secured by fraudulent collateral, drew down all of the lines of credit to their maximum and then defaulted. The investigation included an extensive review and analysis of numerous private banking accounts, millions of dollars of foreign transfers to related parties and individuals, including public officials, background investigations of the beneficiaries of those transactions and surveillance of the general manager’s residences once it had been determined that he was attempting to flee the jurisdiction. The culmination of these forensic accounting analyses was a criminal referral to the FBI and a successful insurance claim against the bank’s fidelity policy enabling them to recover most of their losses.