Exploiting this massively increased scale, Julius Baer started expanding rapidly into global growth markets, particularly Asia, and achieved strong growth momentum in the years that followed.
This new financial leeway was utilised in the same year for the acquisition of three private banks and a specialised asset manager, which together were even larger in size than Julius Baer itself. This only changed at the beginning of 2005 with the introduction of the ’one share, one vote’ principle.
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The majority of the voting rights from the initial public offering remained within the Baer family pool, thus ensuring full control of the Group. The need to finance this rapid growth drove Julius Baer to become the first Swiss private bank to go public in 1980. Parallel to the strong economic growth and technological progress after World War II, the company – then a partnership comprising of an increasing number of Baer family members – began expanding internationally in 1940 and thus laid the first building blocks of today’s global business. What initially started as a small bureau de change rapidly expanded into a wealth management, securities and FX trading company – business activities that remain at the core of the Julius Baer Group until today. Moreover, Julius Baer’s admission shows that IRS Criminal Investigation persistently goes after criminals who use their positions to damage and misuse the financial system.Recognising the importance of Zurich as a centre for international trade, Julius Baer, founder and namesake of the Group, opened shop on Zurich’s famous Bahnhofstrasse in the 1890s. We are delivering on that promise,” McQuaid said. “From the time of the first FIFA-related indictment, the Department has promised to hold accountable the financial institutions involved in this global criminal scheme. Moving ForwardĪcting Assistant Attorney General McQuaid stated that the resolution sends a powerful message to all financial institutions that they will be held accountable if they hide their client’s crimes or promote a corrupt scheme. However, a BJB executive still approved and even rushed the opening of the accounts in an effort to profit a lot from them. BJB also understood that international soccer involved high risks. According to Bank Julius Baer, the bank knew that the accounts of Arzuaga’s clients were linked to global soccer. All of these transactions could have warned Bank Julius Baer about the money laundering scheme. They would have seen the payments to third parties, fake contracts, and services reportedly provided by shell corporations. Had officials thoroughly reviewed Arzuaga’s due diligence on Torneos y Competencias, they would have seen several red flags. At the time of the offense, Bank Julius Baer’s Anti-Money Laundering protocols failed to prevent or detect the money laundering scheme. The Bank helped conceal the actual nature of the payments and promote the scheme. Bank Julius Baer conspired with Burzaco and others to perform illegal transactions through BJB accounts. Burzaco admitted to the charges of racketeering conspiracy and other offenses associated with him paying bribes in November 2015. Arzuaga, who worked in BJB’s offices in Zurich, Switzerland and Montevideo, Uruguay, was sentenced by the same judge to three years’ probation in November 2020.įrom February 2013 to May 2015, Bank Julius Baer, via Arzuaga conspired with sports marketing executives to launder at least $36,368,400 worth of bribes for soccer officials for rights to broadcast soccer games.Īmong the said executives include Alejandro Burzaco, the then CEO of Torneos y Competencias, a sports marketing company in Argentina.
Jorge Luis Arzuaga, a former relationship manager in Bank Julius Baer pleaded guilty on June 15, 2017. Arzuaga’s Role in Bank Julius Baer’s Laundering Case The arrangement was held in the presence of United States District Judge Pamela K. The penalties included a fine worth $43,320,000 and forfeiture worth $36,368,400. As a part of the said agreement, Julius Baer had to pay over $79 million in penalties. Julius Baer then entered into an agreement to resolve the investigation into its involvement in the money-laundering conspiracy. The bank admitted to the conspiracy in Brooklyn federal court on May 27, 2021. As a result, Bank Julius Baer (BJB) was officially charged with money laundering conspiracy. The bribes were part of a scheme that involved sports marketing companies bribing soccer officials to get rights for broadcasting soccer matches. Well-known Swiss Bank Julius Baer admits to laundering more than $36 million in bribes involving soccer officials of Fédération Internationale de Football Association (FIFA) and other soccer organizations.
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