Credit Suisse Rejects $515 Million Claim Linked To Fraudulent Adviser

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Credit Suisse (CSGN.S) on Sunday rejected a claim by Russian businessman Vitaly Malkin for 500 million francs ($515.62 million). Which he linked to a former client adviser at the bank who was convicted of fraud. The SonntagsZeitung reported Malkin was pursuing the bank for the money following the conviction of Patrice Lescaudron.

A Geneva court in 2018 sentenced Lescaudron to five years for abusing the trust of clients. And also putting in place a fraudulent scheme that brought him tens of millions of francs. In a statement, Credit Sisses says all criminal authorities seized with this matter recognized as the aggrieved party.


A Bermuda court ruled that former Georgian Prime Minister Bidzina Ivanishvili and his family are due to damages “substantially over $500 million” from Credit Suisse’s local life insurance arm. Due to fraud committed by Lescaudron.The bank has said it intends to appeal the verdict.

Judge Alexandra Banna said at Lescaudron’s 2018 sentencing that he was guilty of serious fraud and forgery in his handling of former clients, including Ivanishvili and Malkin, “over a very long period of eight years”. Lescaudron admitted in court to having falsified trades and hidden mounting losses.

-Reuters.

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