Convicted Credit Suisse banker gets a boost — from his one-time employer
PULL QUOTE: Under Swiss law, an employer is liable for losses caused by employees unless the organisation proves it took ‘all due care to avoid a loss or damage of this type or that the loss or damage would have occurred even if all due care had been taken’ Geneva — Five months after a former Credit Suisse Group banker was convicted of orchestrating a near decade-long scheme to hide growing losses from his clients, the financier has got an unlikely boost from his one-time employer. Lawyers for the bank wrote to Geneva’s criminal appeals court last month asking it to acquit Patrice Lescaudron of a single charge of criminal mismanagement related to a pair of his clients’ accounts outlined in his 2017 indictment. The bank isn’t challenging his convictions for fraud and forgery. In February, a Geneva judge sentenced Lescaudron, a cosmetics executive turned wealth manager, to five years in prison for defrauding a clutch of Russian clients, as well as former Georgian prime minister Bidzin...
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