The media found the Russians among the victims from the actions of the Manager Credit Suisse

That two Russian entrepreneurs could suffer losses from the actions managed by private investment Swiss Bank Credit Suisse, writes the Swiss newspaper Le Temps, citing the statement of the counsel, Giorgio Campo. According to him, his clients suffered multimillion-dollar losses and intend to sue the Trustee from Credit Suisse.

According to Le Temps, both Russians have “a business relationship with Gazprom, but their names are not called.

In January, Le Temps wrote that because of the investment made by the Manager of Credit Suisse, two of his major clients lost 70 million francs, however, that these customers — the Russians, then, was not specified. The third customer edition called Georgian billionaire Bidzina Ivanishvili, which, according to the newspaper, lost 100 million francs.

The name of the Manager Credit Suisse has not been disclosed, Le Temps calls him “Fabrice”. He served as a Manager at a private investment Bank from 2005 to 2015 and possibly was one of the “most important” managers in Switzerland, with a portfolio exceeding 2 billion francs, the newspaper notes. However, the experience of capital management “Fabrice” had — before joining Credit Suisse he was head of mission Yves Rocher in Russia.

Only by starting to work at Credit Suisse in 2004, “Fabrice” has been running a “small” portfolio of assets for 150 million francs. He was fluent in Russian, so two years later he was entrusted assets of two major customers. According to the newspaper, talking about Bidzina Ivanishvili and the party of the Russian Forbes report is former Senator Vitaly Malkin.

Left alone and without instructions, at least, in his own words, “Fabrice” filled the portfolio of risky securities and pharmaceutical startups, and on behalf of its clients had borrowed hundreds of millions of francs, according to Le Temps.

Problems with “Fabrice” began in 2007, when Credit Suisse began to aggressively offer its clients shares in the Austrian holding company Meinl European Land has invested, according to Le Temps, in commercial real estate in Central Europe, and according to “Vedomosti” in commercial real estate in Eastern Europe and in Russia.

But amid the financial crisis and accusations Meinl in fraudulent schemes holding’s shares tumbled. “Instead of declaring the customers loss of money, he lied. He stated that all is well, and out of stock positions before they fall,” said the lawyer “Fabrice” Simon NAT.

According to him, “Fabrice” has also appealed to the authorities with the question whether to notify about the losses of their clients, but during questioning said that his guide said to him: “Why would they, if they are not interested in? Take care of yourself!” said NAT.

Then “Fabrice” began to improvise. According to the publication, he took the money from the accounts of Ivanishvili to cover the losses of the two Russian customers and to cover the minus in the account Ivanishvili, without his permission, had made large investments in Gazprom. The “Fabrice” won on the operations of more funds than necessary to cover losses from Meinl, writes Le Temps.

The publication notes that Credit Suisse refused to comment on the “Fabrice”.

Now fifty years “Fabrice” is in a mental hospital. He is accused of providing false statements to customers in the transfer of tens of millions of francs from one customer to another to cover up their risky investments, and he’s suspected of misappropriating funds for their own enrichment.

According to counsel for the prosecution Mark Henzelin, a case of “Fabrice” — “a veritable Museum of horrors of all economic crimes that can be committed in the Bank”.