Swiss private banking group Credit Suisse has confirmed a case of client fraud in its wealth management operation.
This comes after International Adviser reported on a previous scam concerning banker Patrice Lescaudron, as well as Belgian investigations over hidden accounts.
A spokesperson said to IA: “Credit Suisse confirms a case from the first quarter of 2020 in which a small number of clients were affected by unauthorised actions of a client adviser.
“Credit Suisse took appropriate legal measures and informed the affected clients and relevant regulators.”
The bank did not report on the details of the individual or the scam that took place.
Reports
News giant Bloomberg reported that Credit Suisse dismissed a Zurich-based banker who forged documentation on an over-the-counter contract for an African wealth management client.
It also said the scam led to a loss of about CHF10m (£8.23m, $11.07m, €9.24m) for the bank and other clients.
The fraud reportedly was found in the unit which serves the non-resident Indian (NRI) community and sub-Saharan Africa.
Clients are in the process of being compensated, according to Bloomberg.
