Cyprus SFS suspends employee for alleged distortion of documents

Sharelink Securities & Financial Services Ltd, the financial services arm of SFS Group Pcl (SFS.CY) revealed that on January 13, 2009 it filed a complaint with the Police and on January 14 informed the Cyprus Securities and Exchange Commission that it suspended Georgios Falekos, an officer at the Group’s Wealth Management Unit, as soon as it realized that the officer possibly forged the Company’s statements and documents.
The company says it has introduced a special committee composed of higher officers and initiated an internal audit in the files of all customers who were treated by the officer so as to evaluate the true extent of the situation the soonest possible.
“So far, it seems that Mr. Falekos forged the special form of change of postal address so that he is the addressee of the Company’s original statements or other documents. Receiving the original statements, Mr. Falekos probably forged them so as to give clients a “prettier” picture that was the case,” SFS said in a stock market filing.
A senior SFS official assured the Financial Mirror that there is no potential financial loss on SFS, but would not go on record. The same official also did not wish to reveal the extent of the damage on clients who were given to believe a different situation than was the true situation of their investments.