A former Credit Suisse private banker has appeared in court in the Swiss town of Monthey charged with breach of trust and embezzlement, acco...

A former Credit Suisse private banker has appeared in court in the Swiss town of Monthey charged with breach of trust and embezzlement, according to reports in the Swiss media.

The man was not identified, but he allegedly diverted SFr15 million ($11.9 million) from client accounts between 1997 and 2000. According to the reports, the individual was a former professional racing cyclist who joined Credit Suisse after retiring from the sport. He worked in the Swiss canton of Valais, where he managed the portfolios of wealthy clients.

He has admitted diverting money in an attempt to hide investment losses on some client portfolios, according to the reports.