Former branch manager of Deutsche Bank admits embezzlement of €600,000 in Frankfurt
A former Deutsche Bank employee has admitted before Frankfurt Regional Court to embezzling over €600,000 from customer accounts.
Admission before Frankfurt Regional Court: Ex-banker embezzles customer funds
The Frankfurter Allgemeine Zeitung reports that a former branch manager of Deutsche Bank has admitted before Frankfurt Regional Court to diverting more than €600,000 from accounts of wealthy customers. At the trial opening on Tuesday, the defendant acknowledged the allegations, which relate to a total of 21 transactions.
Through his solicitor Constantin Schmid, he stated: "My colleagues trusted me and I shamelessly exploited that trust. The guilt lies solely with me." The man had been employed at the institution since 2008, most recently in a management position at a branch.
He transferred the embezzled funds to a broker account and lost most of it through speculative trading. He cited increased expenditure for his family as his motive; he said he had always intended to repay the sum.
Deutsche Bank uncovered the case at its Frankfurt head branch in the previous year. According to the financial institution, all affected customers were fully compensated. The employee was dismissed without notice; the bank also tightened its internal control mechanisms.
Source: Frankfurter Allgemeine Zeitung