09/09/2022 • Bloomberg

Credit Suisse Fraudster’s Statements Weren’t Just ‘Human Errors,’ Adviser Testifies

An adviser to the billionaire suing a Credit Suisse trust for $800 million in damages told a Singapore court that the disgraced banker who defrauded his boss made mistakes in the portfolio statements that clearly went beyond just “human errors.”

Patrice Lescaudron, the banker whose conviction for fraud triggered lawsuits around the world from clients including Bidzina Ivanishvili, admitted in 2015 that he had faked signatures and trading orders to try and recover losses in his clients’ portfolios. He also confessed to running two sets of client statements at times to hide the hidden trades and differing valuations.

To read the full article, click here.