Hoeness case part of ‘painful’ change for bankers

Hoeness case part of ‘painful’ change for bankers

by Matthew Allen, swissinfo.ch 
March 18, 2014 – 17:00

Former Bayern Munich boss Uli Hoeness may be the man sentenced to a term in jail, but court room revelations of how bankers helped him to cheat the German tax authorities have also put the Swiss financial centre on trial.

The Munich court heard that Hoeness opened his Vontobel account in 1975 after being charmed by a banker during a trip to the Swiss resort of Lenzerheide. Hoeness later used the bank to indulge in an orgy of risky trades – numbering up to 300 a day – that saw him rack up millions in losses.

Local media are at a loss as to understand how a...