HSBC Whistleblower Sentenced To Five-Years In Jail

Herve Falciani sentenced

Herve Falciani, an ex-employee of HSBC’s Geneva private bank has been sentenced to five years in jail.

Falciani leaked information on clients and their tax situation. He was sentenced for agravated industrial espionage, the bank said on Friday.

HSBC said it welcomed the ruling on Falciani, a 43-year old French citizen who had been on trial in Switzerland.

HSBC’s Swiss unit came under fire in 2008, when Falciani, a former IT employee, fled Geneva with files that were leaked to the media and were alleged to show evidence of tax evasion by clients.

The leaked documented identified more than 106,000 clients.

Falciani, who now lives in France, stayed out of Switzerland during the trial.

France typically does not extradite its own citizens, which means Falciani may not spend any time behind bars. There are currently no legal proceedings against the former HSBC employee in France.

Falciani’s lawyer — Marc Henzelin — has not returned requests for comment at this time.

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Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies. He can be reached at College Reviews.