Ex-Credit Suisse Banker Guilty as Fraud Tops $150 Million
- Lescaudron motivations driven by lure of profits, judge says
- Banker found to have secretly made profits of $32 million
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A former Credit Suisse Group AG wealth manager was found guilty of orchestrating a scheme that resulted in damages of 143 million Swiss francs ($152 million) as he diverted cash from client accounts to cover bad trades in one of the biggest financial crimes in Swiss history.
Patrice Lescaudron, who catered to wealthy eastern Europeans, was sentenced to five years in prison Friday in a verdict delivered by a judge in Geneva after two weeks of deliberations. Despite the banker’s claims that he never profited from his illicit trades, the judge found that the 54-year-old gained 30 million francs through his deception.