Conviction of a bank employee for qualified misappropriation of funds

Facts

[M.] was an employee of Bank X in Zurich, where he was primarily responsible for the independent management of the bank's clients' securities. In 1973, he was appointed as an authorized signatory, and in 1979, he became a procurator. Between 1971 and 1979, [M.] had client shares of Bank X, which were deposited in the name of the bank with another bank, delivered to him and sold them through Bank Y. He then credited the proceeds of approximately 900,000 francs to his personal account and used the entire amount for his own needs. The Cantonal Court convicted [M.] of qualified misappropriation of funds within the meaning of Art. 140 para. 2 SCC, forgery of documents, and suppression of documents.

Considerations

The Federal Tribunal dismissed M.'s appeal against this conviction. It considered that [M.] had to be qualified as a professional asset manager within the meaning of Art. 140 para. 2 SCC, as he was responsible for the independent management of the clients' assets as a bank employee. The fact that he was not the direct contracting party of the injured clients, but the bank employee who had contractually taken over the management of their assets, did not affect his criminal liability as a professional manager. Art. 140 para. 2 SCC also applies to employees of companies who professionally manage the assets of…