Blog article
See all stories »

Pressure Mounted on Swiss Authorities to Prosecute Fabien Gaglio Over Fraud Allegations

A whistleblower website, put up in an attempt to persuade Swiss authorities into looking into Fabien Gaglio in more detail, alleges a large-scale financial fraud. The owners of the website, www.hottingersa.com, claim to have exclusive leaked documents from an investigation by the Geneva Public Prosecutor into Gaglio over suspicions that he might have been involved in a financial scheme.

It’s a complicated case, made more interesting by the fact that Gaglio already has a conviction for fraud and money laundering from two years ago, handed down by the Court of Luxembourg, but he has so far not been prosecuted properly by the relevant Swiss authorities.

The whistleblowers continue to allege that the government should actually already have a wealth of information on Gaglio’s case, but are refusing to move forward with any actions on it for some reason. The explanation goes on to say that leaking the documents is a desperate last attempt by the people behind the website to persuade authorities into taking action. Whether this will reap any results remains to be seen, however.

It’s worth noting that some members of the public and the press have already shown an active interest in the Gaglio case, with previous reports by various publications like Hottinger SA shedding some additional light on the situation. This, however, is the first time we’re seeing so many unique details of how Gaglio has managed to get away with it, and if the allegations in the new release turn out to be true, the implications could potentially be serious.

However, that would still be no guarantee that the Swiss authorities are going to take any action against Gaglio or consider the documents in any way at all. The fact that they are allegedly leaked from an investigation would potentially make it difficult for any officials to use them in any way during an active investigation of their own. However, it’s also possible that loopholes may be utilized in that case – if the contents of the leak are serious enough.

Going through the released documents is interesting from various perspectives. Some of the examples of how Gaglio has managed to conceal his activities are quite “innovative” and could be of particular interest to those with move involvement in the financial field.

The schemes typically involved transferring money between different companies owned by his clients as well as shell corporations used almost exclusively for the needs of his fraudulent activities. Signature forging and other illegal activities have also been implied as possible tools used to commit the fraud.

Gaglio himself has been quoted for admitting that “everything is fake” during an investigation by the Geneva Public Prosecutor. It remains to be seen what implications the current revelations are going to have, but if the allegations are true, hopefully it won’t take too long for prosecutors to take the appropriate actions and bring the situation under control. Otherwise, the implications for those who’ve been scammed – or involved in the scam themselves – could be interesting in the long run, especially if the media catches on.

 

External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Comments: (0)

Retired Member

Member since

19 Mar

Location

Blog posts

3,931

Comments

4,779

This post is from a series of posts in the group:

Whatever...

A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.


See all