Ex-SocGen Bankers Challenge Fines Over Putin Foe’s $700 Million Deposits
- Pair appealing fine for not reporting suspicious activity
- Accounts belonged to former Russian senator Sergei Pugachyov
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Two former Societe Generale SA bankers are challenging Swiss fines issued for failing to report suspicious deposits worth more than $700 million made by a one-time ally of Russian President Vladimir Putin.
The former head of SocGen’s Swiss private bank and the ex-head of compliance, who can only be named as L. and K. under Swiss reporting restrictions, are appealing fines totaling 90,000 swiss francs ($96,000) at a trial starting Wednesday in Bellinzona.