Pictet employee suspected of embezzling millions

A Pictet employee is suspected of embezzling funds from the Geneva-based private bank, specialised news outlet finews.com reports. The alleged fraudster worked for more than twenty years at Pictet and is under criminal investigation from the local prosecutor for siphoning millions from the bank for almost a year. The bank has also informed the Swiss financial regulator Finma, one of the persons familiar with the matter said. An initial review by the bank showed that no client funds were taken, another of the persons said. The person is not a private banker and had no contact with clie...