Second Compass Finance trial opens without its central defendant

The former Compass Finance trader accused of collecting millions of francs in hidden commissions did not appear when the latest case against the Geneva wealth-management firm opened on Monday. The court will try him in absentia.

Prosecutors say the trader received about 17 million Swiss francs in retrocommissions in the early 2010s without informing a wealthy client whose assets he helped manage. He is also accused of failing to tell the client that his investment management was causing losses.

The sums described in the indictment were unusually large. The alleged hidden commissions represented between 16% and 19% of the assets under management, compared with a generally accepted level of 0.3% to 1%.

The proceedings add another case to the Compass Finance saga. The firm’s former director and founder, together with an art dealer, were already convicted in December 2025 over allegations that they overcharged the same wealthy client for master paintings. They have appealed those convictions.

The client is also the complainant in the current case before Geneva’s criminal court. A presumed accomplice has argued that everything was in order, according to the case summary. The absent trader faces the charges involving the commissions, their concealment and the alleged concealment of losses.