A former Credit Suisse private banker based in Geneva is due to appear in court accused of having caused losses of as much as $100 million to his Eastern European clients.

The citizen of France, 54, used to be a star banker at Credit Suisse (CS). He had successfully built his career in the cosmetics industry, before being lured to work as a relationship manager in the finance industry because of his grasp of the Russian language and culture. At CS, he was entrusted to advise the wealthiest of its Eastern European clients.

Now, he awaits his trial, accused of fraud, forgery and management fraud in a case brought by Yves Bertossa, a state attorney in Geneva.

Twelve Claimants Want Their Money Back

The trial is now due to begin, according to a report by «Le Temps» newspaper. The sum involved in the case is said to exceed $100 million and the former banker is in custody awaiting the start of his trial.

It promises to be a multi-faceted event in Geneva, with 12 claimants demanding their money back. The most well-known among the claimants is Bidzina Ivanishvili, an oil billionaire and ex-prime minister from Georgia.

The accused is said to have caused Ivanishvili a loss through speculation and misappropriation. The banker used assets of other rich Eastern Europeans to cover for the book losses.

Cooperative Banker

The defender of the accused banker said that the former banker had owned up to 99.9 percent of his deeds and had fully cooperated with authorities during their investigation.

The banker had used the money to buy real estate and luxury goods, according to the charges pressed. He is also said to have presented his work with the clients in a bid to boost his salary. That way, he was able to draw a salary of as much as 2 million Swiss francs a year.

Violating Law and Bank Rules?

It remains to be seen whether Credit Suisse will escape punishment for the scandal that has haunted CS for more than a year and even forced CEO Tidjane Thiam to issue a statement.

According to reports, only a few months before he was arrested in early 2016, the banker had received the go-ahead by the risk and compliance group of CS, giving him greater leeway in his treatment of private clients. If this were to be the case, the bank may yet face demands for damages.

CS repeatedly said it had fully cooperated with the justice system of Geneva. It also said the banker had violated internal regulation and acted against Swiss law, committing criminal acts in a bid to deceive the control organs of the bank.