A trial is underway in Geneva of a former Credit Suisse banker accused of causing losses of more than $100 million (CHF97 million) to his eastern European clients.
The 54-year-old French citizen is accused of fraud and forgery in at least 12 cases, including the oil billionaire and former prime minister of Georgia, Bidzina Ivanishvili, as well as a former Russian senator, Vitaly Malkin.
The trial is due to last ten days. It took the justice authorities more than 40 meetings to untangle the network of transactions.
The prosecutor claims the defendant caused the loss through speculation and misappropriation. The banker allegedly used assets of other rich clients to cover for book losses.
The defendant, who has been in detention since 2016, has admitted to most of the deeds and argues he has cooperated fully with the authorities during the two-year investigation.
He said he used the money to buy real estate and luxury goods, according to the charges.
Credit Suisse may also face demands for damages, as the defendant reportedly received the go-ahead from the bank’s risk and compliance group, giving him more leeway in his treatment of private clients, the Finews website said.
swissinfo.ch and agencies/ug