Ex-Credit Suisse Director Cops To Role In $2B Loan Fraud

Law360, New York (July 19, 2019, 10:26 PM EDT) -- A former Credit Suisse managing director on Friday admitted to his role in a bribery and investor fraud scheme involving $2 billion in loans to state-backed companies in Mozambique, telling a New York federal judge he conspired to defraud those who invested in the debt.

New Zealand national Andrew Pearse, 49, the former head of Credit Suisse's Global Financing Group, appeared before U.S. District William F. Kuntz in Brooklyn and pled guilty to one count of wire fraud conspiracy.

Pearse, who waived extradition from the U.K. to face prosecution in the U.S., is the second Credit Suisse banker to admit to...

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