Trial of Valais wealth manager Sébastien B.: he pleads good faith
A former wealth manager from Valais appeared before the Sion Court for fraud by profession. Twenty-eight civil claimants are seeking compensation for tens of millions of francs.
Trial of Valais wealth manager Sébastien B.: he pleads good faith
Former wealth manager Sébastien B., originally from Valais, made his first appearance before the Sion Court. Twenty-eight people accuse him of embezzling tens of millions of francs, primarily by selling them share certificates at inflated prices.
At the hearing, the man displayed a very different appearance from that of the charmer described by the complainants. Wearing a beard and a hooded sweatshirt, he spoke barely audibly, giving the impression of being disoriented. "I never hid the money. My life is ruined, I live like a homeless person," he said.
He claimed to have acted in good faith: "Our project seemed viable to me. The potential genuinely existed. The documents attested to it." He downplayed his role, specifying that he only managed client relations: "I don't speak English and I'm not an economics specialist." He also pointed out that many victims had never filed a complaint. When asked about the absence of apologies, he replied: "I didn't want to get hit and I didn't know how to react."
The fraudulent schemes began in 2009. The group, composed of four individuals, purchased share certificates for 20,000 to 30,000 euros and then resold them for 200,000 to 300,000 euros. The Dutch company in question held a patent aimed at treating latex to reduce allergies. Despite the manager's promises, the business never took off. Profits were distributed equally among the accomplices via an offshore structure, the money being used notably to purchase prestige wines. "Wine was my passion and I was the most important customer at Christie's sales," the accused claimed.
In 2015, Sébastien B. spent six months in pre-trial detention. Following an investigation lasting more than a decade, he is appearing for fraud by profession, aggravated breach of trust and aggravated unfaithful management, alongside two former accomplices. A fourth suspect has died.
Source: Le Temps
Source: Le Temps