Deutsche Bank private banker charged with embezzling €600k amid wealth-management push
A former Deutsche Bank private banker at the Frankfurt flagship has been charged with embezzling more than €600,000 from wealthy clients by moving funds to his mother-in-law’s account to fund derivatives trading, resulting in about €493,000 in losses. The victims included a private equity executive, a former CEO of a consumer-goods company, and a law-firm partner. Deutsche Bank says fewer than 10 accounts were involved, has reimbursed affected clients and tightened controls as it expands its wealth-management business. The defendant admitted the allegations and faces up to 10 years in prison if convicted, with prosecutors signaling a possible suspended sentence.
