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Former Credit Suisse Private Banker Sentenced to 5 Years Jail Term for Fraud in Switzerland


Former Credit Suisse Private Banker Sentenced to 5 Years Jail Term for Fraud in Switzerland

Former Credit Suisse Private Banker Patrice Lescaudron had been sentenced to 5 years jail term for serious fraud and forgery in his handling of former clients 8 years by a Geneva court in Switzerland.  Patrice had put in placed a fraudulent scheme that to earn himself tens of millions of swiss francs and causing losses totalling CHF 143 million ($152 million) between 2005 to 2015.  His clients who had suffered losses includes former Georgia Prime Minister Bidzina Ivanishvili (2012-2013) and Russian Billionaire businessman and former Senator Vitaly Malkin.

” Former Credit Suisse Private Banker Jailed for 5 Years, to Repay CHF 130 million “

Patrice was “considered as a star” on the bank’s Russia desk in Credit Suisse.  He had “copy-pasted signatures on documents to falsify transfer orders  falsified trades and hidden mounting losses.  He accumulated a personal net fortune estimated at CHF 32 million, including houses in Switzerland and the Italian seaside resort of Porto Cervo, a missing Picasso lithograph, a Rolex watch and jewels.

Lawyers representing former Georgia Prime Minister Bidzina Ivanishvili said that the fraudulent activities had caused hundreds of millions of dollars losses and Credit Suisse banker Patrice there should be other Credit Suisse accomplice.  After 2 years of investigation, there was no indication that the fraud was assisted by other Credit Suisse employees and senior management.

Patrice receive a 5 years jail sentence, house in Porto Cervo was seized and to make repayments totalling more than CHF 130 million.  He is allowed to keep his family home in Arzier, and was not barred from future work in banking n Switzerland.  He has already spent spent two years in pre-trial detention and may be able to to get out of jail on parole around April 2019.

Sources: Reuters, Bloomberg








About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

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