• Switzerland edition

Money manager brothers sentenced for laundering marijuana millions

Published: 29 Jan 2013 21:05 GMT+01:00 | Print version
Updated: 29 Jan 2013 21:05 GMT+01:00

An investment manager was jailed for six months on Tuesday while his younger brother, a banker, received a suspended sentence from a Geneva court after the pair admitted to laundering 12 million euros in Moroccan drug trafficking revenue.

The trafficking involved illegal cannabis transported from Morocco to France.

A 48-year-old man, identified as M., received a suspended sentence of 30 months in addition to the six months of “firm” jail time, the Tribune de Genève reported.

He was arrested in October for using a financial company as a platform for laundering the illegal drug revenues.

A 38-year-old man identified as N., a former investment manager at HSBC in Geneva, got a two-year suspended sentence for playing a secondary role in the financial coverup.

Geneva justice authorities seized four million francs from a bank account and safe of the elder brother, the Tribune reported.

The money was carried across the Swiss border from France in plastic bags.

The pair, who cannot be identified because of Swiss privacy laws, have also been ordered to pay 50,000 francs in costs to the authorities.

The men were involved with a group of at least 17 other people who have been arrested by French police for smuggling pot from Morocco and selling it in France.

Swiss and French investigators cooperated in cracking the case under an operation code-named “Virus” begun last fall.

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Today's headlines
China premier slams EU on solar tax
Photo: Fabrice Coffrini/AFP

China premier slams EU on solar tax

China's Premier Li Keqiang has slammed the European Union for plans to probe the country's telecom products and impose taxes on its solar panels, Chinese state media reported on Saturday. READ () »

Tibetan exiles berate Chinese rights record
Photo: Fabrice Coffrini/AFP

Tibetan exiles berate Chinese rights record

Tibetan exiles in Bern on Friday urged Swiss authorities to take China to task for its human rights record during a landmark visit by Premier Li Keqiang focused squarely on a trade deal. READ () »

Chinese premier lauds trade deal in Bern
Swiss parliament building in Bern. Photo: OFCL

Chinese premier lauds trade deal in Bern

Chinese Premier Li Keqiang on Friday hailed a free trade deal with Switzerland as a landmark achievement, saying it had "huge meaning" for global trade and underscored Beijing's growing openness to the world. READ () »

Appenzell Innerhoden enjoys 'pure democracy'
Appenzell Innerhoden's 'direct democracy' is practised outdoors. Photo: Sebastien Bozon/AFP

Appenzell Innerhoden enjoys 'pure democracy'

Steffan Millius grips his sword and makes his way through the throngs of people crowding into Appenzell's central square to take part in Switzerland's famous direct democracy in perhaps its purest form. READ () »

University professor faces false CV charges
Professor Sam Blili. Photo: University of Neuchâtel

University professor faces false CV charges

A University of Neuchâtel professor under fire for alleged plagiarism is now facing accusations of falsifying his CV. READ () »

French court seizes Swiss explorer’s sailboat
Mike Horn aluminum ketch, Pangaea. Photo: MikeHorn.com

French court seizes Swiss explorer’s sailboat

The sailboat of Swiss explorer and adventurer Mike Horn was ordered seized by a Marseille court in a southern French port over a dispute involving a naval architect, according to a media report. READ () »

Geneva police raid sex parlours over 'tax fraud'
Photo: Joshua Rindner

Geneva police raid sex parlours over 'tax fraud'

Geneva cantonal police raided eight erotic massage parlours on Tuesday for an investigation into tax fraud allegedly amounting to several million francs. READ () »

Swiss diamond necklace 'stolen' at Cannes
Socialite Paris Hilton modelling De Grisogono jewellery in Antibes, near Cannes, this week. Photo: AFP

Swiss diamond necklace 'stolen' at Cannes

A diamond necklace from Geneva jeweller De Grisogono worth 2.5 million francs was reported stolen from Cannes on Thursday, just days after thieves made off with 1.4 million francs' worth of bling from Chopard, another jeweller from the Swiss city. READ () »

Chinese premier touts trade deal with Swiss
Chinese Premier Li Keqiang. Photo: AFP

Chinese premier touts trade deal with Swiss

Chinese Premier Li Keqiang sees a looming free-trade deal with Switzerland as a touchstone for Beijing's growing ties with foreign nations, he told a Swiss newspaper on Thursday ahead of a landmark visit to Europe. READ () »

Sponsored Article
Top ten reasons to be amazed by Amsterdam

Top ten reasons to be amazed by Amsterdam

Whether you have ever or never visited the Netherlands, the country that crowned a new monarch this year is also celebrating a wealth of special jubilees in its popular capital. Here’s the lowdown on why Amsterdam is the place to be in 2013. READ () »

Highlights
Furniture Leasing Corporation
Henrik Trygg/imagebank.swede.se
Latest news from The Local in Sweden

More news from Sweden at thelocal.se

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Norway

More news from Norway at thelocal.no