Swiss prosecutors have charged a second former employee of Credit Suisse, widening a criminal investigation into a defunct Geneva-based asset manager that was handling money for the bank’s wealthy Turkish clients, according to people familiar with the case.
Bloomberg News reports that the woman, who can only be identified as R. under Swiss law, was charged with complicity in fraud and money laundering for having improperly authorized trade instructions from Geneva-based TG Investments in April 2014, said the people, who didn’t want to publicly discuss an investigation that is ongoing. She was charged for not stopping the trades despite inexplicable fluctuations in valuations, and by extension enabling the fraud, they said.
Geneva Prosecutor Johan Droz in December charged the two founding partners of TG Investments, who left Credit Suisse in 2008 to set up a firm to manage money for their rich Turkish customers, with fraud and criminal mismanagement for forging signatures and faking orders to try to cover losses of at least 150 million Swiss francs ($156 million). G., a Credit Suisse relationship manager who worked with TG Investment Partners to execute account transfers and was charged in December with complicity in fraud, reported to R., the people said.
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