Bloomberg: Ex-HSBC Banker Pleads Guilty in $1.8 Billion French Tax Case

The former chief executive officer of HSBC Holdings Plc’s Swiss private bank pleaded guilty to helping wealthy clients hide assets worth at least 1.6 billion euros ($1.8 billion) as French prosecutors flex their muscles to tackle white-collar crime.

Peter Braunwalder was fined 500,000 euros and given a one-year suspended jail sentence….That is all?????

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An HSBC logo sits on the building that houses HSBC Holdings Plc's private banking unit in Geneva.

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