22 Jul 2019
A former Credit Suisse Group AG banker admitted taking millions of dollars in kickbacks as part of a scam that involved as much as $2 billion in loans to Mozambique state-owned companies.
Andrew Pearse, 49, a former managing director, made the admission Friday as he pleaded guilty to wire fraud in federal court in Brooklyn, New York.
It’s not clear whether Pearse is cooperating with U.S. prosecutors. His plea agreement and all other related records were placed under seal. His lawyer, Lisa Cahill, and Mark Bini, a federal prosecutor, both declined to comment after court.
Pearse is the second former Credit Suisse banker to plead guilty in the fraud and money-laundering scam. Detelina Subeva, a former vice president in the bank’s global financing unit, pleaded guilty in May to one count of conspiracy to launder funds.
Karina Byrne, a spokeswoman for Credit Suisse, declined to comment on the case.
By Patricia Hurtado, Bloomberg, 19 July 2019
Read more at Bloomberg
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet