FCA fines Julius Baer subsidiary $21.5M for bribery scheme

Julius Baer

Julius Baer International (JBI), a U.K.-based investment and wealth management subsidiary of Swiss-based Julius Baer Group, will pay more than 18 million pounds (U.S. $21.5 million) to settle charges laid by the Financial Conduct Authority (FCA) for paying bribes to generate business with a Russian oil company.

While JBI agreed to settle with the FCA, three of its former employees—Gustavo Raitzin, Thomas Seiler, and Louise Whitestone—decided to have their cases heard in court, the regulator said in a press release Wednesday.

The FCA alleged in addition to failing to conduct business with integrity, JBI failed to take “reasonable care to organize and control its affairs.” The firm was faulted for not being “open and cooperative” with the regulator because it delayed notification of the alleged bribery scheme for two years.

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