Bankruptcy worth 20 million in Geneva: “He had everything, he lost everything”

After being qualified, on Monday, as a financial cowboy, an old-fashioned trader and king of financial shenanigans, the septuagenarian accused of having made 20 million francs disappear with the bankruptcy of his company, was able to benefit of a moment of support. It lasted an hour and a half on Tuesday morning, the time of the pleadings of his lawyer, Mr.^e Kevin Saddier.

While the prosecutor described the accused’s criminal journey to demand a prison sentence of 3 years, including 6 months, the defense’s pleading tells a completely different story. That of a man with an “impeccable” career who enriched his clients for fifty years. Until the collapse of the markets on Brexit day, in June 2016. “A twist of fate which was in no way attributable to him,” maintains the defense lawyer.

“Only work”

From there to affirm that the 76-year-old man did everything right? No. “His mistake was not to let fifty years of his life go up in smoke.” Because in the months following the stock market collapse, the administrator of the financial company located in the city center of Geneva “believed that he could recover. He just wanted to work.”

This would explain the account statements hiding the losses of his clients, between June 2016 and November 2017. This also sheds light on the additional funds that he received from these same clients to continue speculating. While over-indebtedness allowed no outcome other than bankruptcy, “he was wrong to believe in it. This is not fraud, perhaps unfair management,” argues the lawyer.

No intention of enrichment

On Tuesday, the defense had a mission: to prevent the 76-year-old man from being incarcerated the day before by the prosecution. To do this, it was necessary to demonstrate that he acted neither with the intention of enriching himself nor with the intention of harming his clients. M^e As proof, Saddier cites the currency trader’s vain attempts to replenish the coffers after the debacle, by taking on his clients’ losses and selling a family asset. “He had everything, he lost everything,” he sums up.

The judges’ verdict is expected by the end of the week.

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