If it wasn’t for a bad bet on a small Californian company, the former Credit Suisse banker identified only as Mr. L until now might never have ended up in a jail cell just across Lake Geneva from his $2.4 million home.
Bloomberg News reports that, denied bail and private treatment for a series of ailments, the banker has spent the last two years awaiting trial on charges of defrauding billionaire former Georgian Prime Minister Bidzina Ivanishvili and five other Russian-speaking clients out of hundreds of millions of dollars.
The banker, whose trial opens Monday, has already admitted to running an increasingly frantic shell game with client cash to hide unauthorized trading gains and even bigger losses from about 2009 to 2015, according to his lawyer. But under Swiss law, the case can’t be settled without the consent of the victims, which include a retired Russian senator, two Moscow-based oil executives and a female canned-cocktail magnate.
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