Tears, Lies and Fake Excel Files at Ex-Credit Suisse Banker’s Trial
Patrice Lescaudron, the former Credit Suisse Group AG banker on trial for taking money from the accounts of wealthy clients, found phony Excel spreadsheets were the easiest way to keep customers in the dark about the fraud in their accounts.
Lescaudron has admitted to falsifying trades and then distributing false statements to cover mounting losses, primarily by taking money out of the accounts of Bidzina Ivanishvili, the former prime minister of Georgia. His scheme went undiscovered until a massive wrong-way bet on a Californian drugmaker unraveled in September 2015.
Read more at Bloomberg