4 weeks ago
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A former Deutsche Bank private-banking employee admitted in a Frankfurt court to siphoning about €626,000 from client accounts, Bloomberg reported.
The 39-year-old man, identified under German media law as Sven R., allegedly exploited internal transfer practices from late 2023 until he was caught in spring 2025. About half a dozen clients were targeted, with individual transfers ranging from €50,000 to €81,500 and smaller withdrawals of about €2,500.
He told the court that he moved money between accounts to cover losses after clients noticed missing funds, and used accounts controlled by members of his family while attempting to recover the money through derivative trades.
Deutsche Bank said it fired the employee, indemnified affected clients, and strengthened its controls. Sven R. has agreed to repay the money in €250 monthly installments, and the court may consider a suspended sentence.
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