By Andrew Emett for Nation of Change. A former HSBC employee was sentenced Friday to five years in prison for aggravated industrial espionage. Although HSBC claims the whistleblower initially stole the information for his own personal financial gain, his revelations exposed international fraud, tax evasion, and money-laundering scams involving thousands of corrupt businessmen and arms dealers.
While developing a client management database for HSBC’s Swiss private bank in 2004, Hervé Falciani was handed access to extremely sensitive and incriminating data. According to the private bank accounts, HSBC was allowing criminal organizations to launder their blood money while turning a blind eye to affluent clients committing tax evasion. Instead of ignoring the data, Falciani brought his laptop into work and downloaded the details of approximately 130,000 HSBC accounts. On December 11, 2014, the Swiss government indicted Falciani for violating the country’s bank secrecy laws and committing industrial espionage. Instead of extraditing Falciani or filing charges against him, the French government opened a criminal investigation into HSBC. Refusing to appear in Swiss court, Falciani dismissed the legal proceedings against him as a “parody of justice.” Convicted in absentia, Falciani was sentenced Friday to five years in prison for committing the largest leak in banking history.