Ex-Credit Suisse Banker Wins Dismissal of Rogue Trader ChargesBy and
Allegations against Rohit Jha first emerged in late 2012
Jha accused of concealing $18 million in unauthorized trades
A former Credit Suisse Group AG trader accused by U.K. prosecutors of concealing about $18 million of losses after taking inappropriately risky positions won the dismissal of criminal charges after years of investigations.
Rohit Jha, who handled exchange-traded funds, was dismissed from the Swiss bank in October 2013 after the firm discovered the alleged losses he incurred in December 2012. Credit Suisse notified regulators of the discovery when he was dismissed and Jha was later charged.
Judge David Tomlinson dismissed the charges at a hearing Monday after prosecutors said there were inconsistencies with the evidence that compromised the case. Jha, 39, was first interviewed by police in January 2013, but wasn’t charged until mid-2015.
"After almost four years the Crown disclosed evidence that fundamentally undermined their case," Anthony Edwards, Jha’s lawyer, said in a statement. "It showed that Rohit Jha has been specifically authorized to act as he did, and had made a profit, not a loss, on a number of the questioned transactions."
Jha, charged with fraud by abuse of position and fraud by false representation, was accused of mis-marking certain ETF positions in a bid to hide the losses and to make a profit for himself, prosecutors said.
“This was a criminal matter, prosecuted by the City of London Police and the Crown Prosecution Service," Sofia Rehman, a spokeswoman for Credit Suisse said. The bank "fully cooperated with the authorities during the course of the investigation.”
Jha, an Indian national who only spoke to officially deny the charges, hasn’t been able to work since he was fired as his visa was contingent on him working for Credit Suisse. Judge Tomlinson said he was sympathetic to Jha but the case was "very complex" and took time to resolve.
— With assistance by Vogeli Voegeli