Bond dealer accused of stealing pounds 2m

A FORMER employee of Swiss Bank Corporation appeared in the City of London magistrates' court yesterday, charged with the theft of SFr3.8m - almost pounds 2m, writes Diane Coyle.

Gregory Andrew Stranger, an American citizen, worked for the bank as a dealer in Spanish government bonds.

Mr Stranger, who appeared in court wearing a stylish pony-tail and suit, had been remanded in custody in Brixton prison for the past week. The court yesterday agreed to release him on bail subject to certain conditions.

Swiss Bank Corporation confirmed later that it had separately issued a writ against Mr Stranger, in order to freeze his assets worldwide. A complaint lodged with the authorities in Zurich had succeeded last week in freezing an account held by Mr Stranger at UBS in Switzerland.

The English order will require him to supply full details of his financial position within seven days. Among the conditions of bail, Mr Stranger will be required to surrender his passport and police registration certificate.

He will also have to pay pounds 75,000 into court - placed in the money markets in the case of the City magistrates' court - and report to his local police station three times a week.

The case was adjourned until 12 October to allow time for further police inquiries.