Swiss Prosecutor Traces Laundering Trail to Credit Suisse

$60 million of funds potentially laundered through Credit Suisse has been reportedly identified by a Swiss prosecutor.

More challenges are on the horizon for Credit Suisse with top Genevan financial crime prosecutor Yves Bertossa having found $60 million he believes was laundered through the Swiss bank, according to a «Bloomberg» report citing a June 8 hearing.

At the meeting last week, Bertossa presented his case which included the identification of eight transactions that he alleges the bank let slide between 2008 and 2014, including transfers to a third-party account.

Patrice Lescaudron was named as the central player who faked signatures and created dummy portfolio statements in order to illegally transfer millions of dollars, mainly from ex-Georgian Prime Minister Bidzina Ivanishvili, to cover losses in other client portfolios – a move that would lead to his conviction and imprisonment in 2018 over fraud and forgery.