Former Credit Suisse client adviser Patrice Lescaudron was sentenced to five years imprisonment by a Geneva court on Friday for abusing the trust of clients, including former Georgian PM Bidzina Ivanishvili, and putting in place a fraudulent scheme that brought him tens of millions of francs, InterPressNews reports citing Reuters.
Lescaudron, who is French, appeared in court for the verdict wearing a grey fleece sweatshirt emblazoned with Ferrari, the name of the Italian sports car he was said to have purchased with the money he amassed.
Judge Alexandra Banna said the ex-banker was guilty of serious fraud and forgery in his handling of former clients, including former Georgia Prime Minister Bidzina Ivanishvili and Russian oligarch Vitaly Malkin, “over a very long period of eight years”.
Reading the three-judge tribunal’s verdict, she said he had caused losses totalling 143 million Swiss francs ($152 million) and made personal gains of 30 million francs. Lescaudron, 54, admitted in court to having falsified trades and hidden mounting losses.
