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Credit Suisse Said to Have Mulled Freer Rein for Rogue Banker

  • Meetings held in early 2015 to discuss latitude over assets
  • Geneva banker held in prison on charges of fraud, forgery

Months before a Credit Suisse Group AG wealth management banker was arrested in Geneva on charges of fraud and forgery, the bank considered giving him freer rein to do as he saw fit with client money.

In early 2015, Credit Suisse’s risk and compliance officers met with the banker and his Geneva manager. The purpose was to discuss how L., as he can only be identified under Swiss law, might get greater latitude to manage the assets of his biggest client, billionaire and former Georgian Prime Minister Bidzina Ivanishvili, according to people familiar with the meetings. Those people did not want to be named because the criminal proceedings against L. for misuse of customer investments are still underway.