Swiss authorities have charged the former head of Banco Santander’s fund of hedge funds arm with criminal mismanagement for his role in investing client funds with Bernard Madoff.

Manuel Echeverría head Optimal Investment Management until last year. According to Marc Tappolet, investigating magistrate in Geneva, Echeverría lied to investors about the due diligence he claimed to have performed on Madoff’s firm, which turned out to be a $65 billion Ponzi scheme. He is accused of telling Optimal investors that he certified more than 10 Madoff counterparties who didn’t exist. Tappolet claims that Echeverría also told investors that Madoff used a third-party custodian, when he knew that Madoff did not.

The charges against Echeverría—the sixth man accused of mismanagement by Tappolet, following five directors of Aurelia Finance—came in August, but only became public this week as a result of a court hearing, in which Echeverría sought to get an investor tossed as a civil party to the case.

Echeverría has been under investigation since this summer. Santander clients had US$3.25 billion in exposure to Madoff, and has offered compensation to clients; 94% have accepted.