There are two types of successful insurance agents: those who cater exclusively to high-net-worth individuals—requiring both extensive knowledge and access to the wealthy—and those who build their business through ordinary clients, one policy at a time. Family offices, specialized institutions managing wealth and succession for affluent families, fall into the former category. Eric Freymond, a Frenchman, epitomized this approach.
In Paris, Freymond met Nicolas Puech, the 82-year-old fifth-generation heir of luxury brand Hermès International SA, who was 15 years his senior. The two became inseparable. Puech, holding a 5.7% stake in Hermès, was the family’s largest individual shareholder, with a net worth peaking at $15.6 billion, ranking 121st on Forbes' 2024 global rich list.
Freymond soon assumed the role of Puech’s personal assistant and life companion, handling everything from booking taxis and restaurants to managing his real estate and assets. He even had unrestricted access to Puech’s private residences worldwide. Puech grew entirely dependent on Freymond, entrusting him with checkbooks and signing authority. Freymond consistently assured Puech that his assets—stocks, insurance, and more—were stable and growing, fostering a false sense of security.
Puech also had a trusted gardener, Jadil, rumored to "sleep at the foot of Puech’s bed." In 2002, Jadil married Maria Paz, a Spanish Romani woman. After they had two children, Puech treated the family as his own, showering them with affection.
The rift between Freymond and Puech stemmed from Jadil’s family. In 2022, Puech instructed Freymond to transfer 1 million Swiss francs (approximately $880,000) to Jadil. When Jadil’s wife overheard the conversation, she repeatedly checked their bank account—only to find the money never arrived. She alerted Puech, prompting him to hire legal and financial investigators.
The audit revealed shocking fraud: Freymond had secretly sold most of Puech’s Hermès shares to rival luxury conglomerate LVMH (maker of Louis Vuitton) and funneled vast sums into fake investments and art deals under his and associates’ names. Court records showed €35.8 million (about $31.7 million) moved from Puech’s accounts to Freymond’s joint accounts over two years, with €15 million (about $12.4 million) diverted to Freymond personally.
In September 2023, Puech filed three lawsuits in Switzerland against Freymond for breach of trust, embezzlement, and sought billions in damages. On July 7 this year, Freymond underwent three days of questioning by French authorities, facing preliminary charges of document forgery and aggravated breach of trust. Less than two weeks later, on July 23, the 67-year-old was struck and killed by a train near an Alpine campsite while cycling. Swiss police ruled it a suicide.
With assets drained and the prime suspect dead, Puech has little recourse for restitution. Once a billionaire Hermès heir, he now relies on relatives for daily support. Though investigations continue and the Puech family fights to reclaim illegally transferred shares from LVMH, Freymond’s death may leave this high-society fraud case forever unresolved.
For insurance agents, the lingering question is: How did Freymond gain access to Puech? Born in 1958, Freymond married into Swiss elite circles in 1989—his father-in-law owned a prominent private bank serving wealthy clients. It was through this connection that he met Nicolas Puech.
Disclaimer: This article does not constitute investment advice.