Patrice Lescaudron, the banker who used to manage assets of rich Eastern Europeans at Credit Suisse in Switzerland, and became embroiled in a fraud scandal that still rages across the globe, has committed suicide.
Patrice Lescaudron, 57, in May 2020 published posts on his LinkedIn-profile that suggested he was about to say farewell, as was noted by finews.com at the time. The French banker complained about his inability to get a new job, despite numerous attempts, and the fact that his residence permit was due to expire, despite having paid more than 7 million francs in taxes over a sixteen-year period. He concluded that he was due to close his LinkedIn account and quite probably leave Switzerland.
In July, Lescaudron committed suicide, according to «Handelszeitung». His death is another chapter in the long-running affair that involves a lot of money, fraud and requests for compensation.
Generating a Fortune for the Bank
The French banker, who used to work for Credit Suisse in Geneva, was known as the bank’s man for Russia, earning huge fees for his employer in his job as a relationship manager. One of his charges was Bidzina Ivanishvili, an ex-prime minister of Georgia and oligarch.
Still, Lescaudron came under suspicion of having pocketed some of the money he managed and it wasn’t small fry either: the sum in question was well north of 100 million francs. This was also the reason why the bank eventually got rid of him. The Frenchman subsequently was convicted of fraud and a series of other related crimes.
Damning Verdict
The main component of the scandal is the money belonging to Ivanishvili, who claims to have lost $550 million. Although the oligarch aimed at Lescaudron in person, he really meant to hit the bank, claiming that it hadn’t properly supervised the star employee.
The Swiss financial market regulator Finma concluded that that bank indeed had been found wanting in its risk management and organization, while the bank itself claims to be a victim of Lescaudron too.
The enforcement report by Finma will become part of the investigation by renowned Geneva prosecutor Yves Bertossa against the bank, «Handelszeitung» said.
