Patrice Lescaudron, who mainly cared for Eastern European clients on Credit Suisse’s salary and was involved in a fraud scandal involving oligarchs, committed suicide a few days after his 57th birthday.
Already posted in May Patrice Lescaudron Signals on a LinkedIn profile that can be interpreted as a farewell, for example finews.ch noted at that time. The French complained on the one hand that he could no longer find work, despite many applications, and on the other hand that his residence permit in Switzerland was not extended, even though he had paid more than seven million francs in taxes to the authorities since 2004. “My existence here is therefore useless, “he continued, concluding:”
In July last year, Lescaudron committed suicide, as “Handelszeitung” reported on Thursday. His death is another chapter in a long story that also involves a lot of money, fraud and compensation finews.ch have reported on various occasions.
Generates high commissions
The Frenchman, who used to work for Credit Suisse from Geneva, was considered a “Russian banker” who, in his role as a client adviser, generated high assignments for his employer. Among others with the former Georgian Prime Minister and the oligarch Bidzina Ivanishvili.
However, the Frenchman was suspected of having diverted customer money into his own pocket. It was about three-digit million amounts. This was also the reason why CS went with its employee. The Frenchman was subsequently sentenced to prison by a Geneva court for commercial fraud, breach of trust, mismanagement and forgery of securities.
Too little monitored?
Lescaudron made headlines because of his famous ex-husband, Ivanishvili, who claimed damages of more than $ 550 million. The oligarch plays on the man, but he means CS. He and other injured ex-bankers from France wanted to prove the Swiss bank’s guilt in the deal. They claimed that the money house did not monitor the employees enough.
In fact, the Swiss Financial Markets Authority (Finma) also found weaknesses in the bank’s administrative organization and risk management. The business relationship between CS consultant Lescaudron and his politically exposed oligarchs “was registered as such and treated accordingly” too late by the bank. CS took the position that it had been deceived by fraud by Lescaudron.
New front in Singapore
Finma’s enforcement report, which is embarrassing for the bank, will now also be part of a criminal investigation by Geneva prosecutors Yves Bertossa current against CS, as research from “Handelszeitung” shows.
The whole affair is not over at all with Lescaudron’s death. The fraudulent customers are now taking action against Credit Suisse worldwide, as well finews.ch recently reported exclusively. In Singapore, they won an important stage.
Decision for the family
The Court of Appeal there was originally divided. In the end, however, the majority of the committee decided against the Credit Suisse Trust – and for the family of the oligarch Ivanishvili. This clarifies the question of whether Singapore is the appropriate place of jurisdiction to report a civil lawsuit from the rich former Prime Minister of Georgia against the trustee of the Credit Suisse (CS) Bank.
This is evident from court documents such as finews.ch present.