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Ex-Credit Suisse Banker Spent Hidden Million on Wife's Jewelry

  • Bank attacks Lescaudron’s motives during Geneva trial
  • Frenchman made about $47 million off schemes, bank says

Photographer: Kostas Tsironis/Bloomberg

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A former Credit Suisse Group AG wealth manager on trial for defrauding rich clients from Eastern Europe used money from hidden holding companies to spend nearly $1 million on jewelry for his wife, according to lawyers for the bank.

The spending spree at Chanel and another high-end Geneva retailer was part of a scheme where Patrice Lescaudron took nearly 45 million Swiss francs ($47 million) from clients through commissions and other unauthorized trades for his own benefit, Vincent Jeanneret, the bank’s lawyer, told the court Tuesday afternoon.