Multiple former bankers with Credit Suisse have been charged with fraud and money-laundering in a $2 billion scam that reached across various continents. Andrew Pearse, a former managing director with Credit Suisse, admitted to accepting over $45 million in bribes and kickbacks in connection with a Mozambique investment fraud scheme. Multiple defendants, including Pearse, were indicted for conspiring to defraud investors out of $2 billion.
The United States Attorney’s Office for the Eastern District of New York issued a press release regarding the elaborate scheme orchestrated by Mozambique government officials and investment bankers across the globe. According to the indictment which was unsealed earlier this year, Pearse and others used their positions to circumvent the “internal accounting controls” of Credit Suisse in order to push through fraudulent loans. Pearse was also charged with “facilitating bribe payments to government officials in Mozambique.”
The attempt to defraud investors allegedly occurred over the course of three years. With the help of co-conspirators, Pearse arranged for three loans totaling more than $2 billion with millions of dollars being paid in kickbacks and bribes to not only the bankers but also corrupt Mozambique officials. The indictment resulted in charges of wire fraud conspiracy, money laundering conspiracy, securities fraud conspiracy and conspiracy to violate the anti-bribery and internal controls provisions of the Foreign Corrupt Practices Act (FCPA).
Unfortunately, investment fraud occurs in many forms. Investment and securities fraud attorney Brian Levin has dedicated his practice to helping victims recover losses suffered as a result of financial fraud. Levin Law has recovered millions on behalf of clients around the world. If you believe that you were the victim of investment fraud or another securities-related misconduct, contact our office today for a free case evaluation. Find out what recovery options are available for you and your family. Get your case started now at (305) 402-9050.