CH Julius Baer Oct 2011 Misuse (Q11905)
From Open Risk Manual
A data breach risk event
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | CH Julius Baer Oct 2011 Misuse |
A data breach risk event |
Statements
25CAD94C-8005-400C-8F3F-526AB0B5A748
October 2011
0 references
A Swiss court on Thursday sentenced a 54-year-old computer specialist to three years in jail for selling client data from Swiss bank Julius Baer to the German tax authorities, after the man agreed a plea deal with prosecutors. Switzerland has come under growing international pressure to change its banking secrecy laws, which other governments say enables many of their wealthy citizens to avoid taxes. German-born Lutz Otte, appearing before the Swiss criminal court in a striped polo shirt and jeans, said that he had intended to use the bulk of a 1.1 million-euro ($1.5 million) reward to pay off taxes he owed in Germany. The pressure from the finance authorities was pretty great. I saw an opportunity to alleviate the pressure on myself, Otte, who moved to Switzerland from Germany in 2005, s (English)
