Credit Suisse has said it bears no responsibility for the criminal actions of a former client adviser at the bank who was involved in a scheme to defraud clients. The statement came in response to a claim by a Russian businessman, Vitaly Malkin, for about US $500 million which he linked to the former client adviser, Patrice Lescaudron.

Lescaudron was convicted of fraud by a Geneva court and sentenced to five years imprisonment for the scheme, which netted him tens of millions of dollars.

Credit Suisse said in the statement, “Credit Suisse was recognised as the aggrieved party by all criminal authorities seized with this matter.” They added, “The criminal proceedings against the former relationship manager established that the former client did not suffer any damages resulting from the relationship manager’s criminal activities. Credit Suisse rejects all of the client’s allegations.”

Previously, a Bermuda court ruled former Georgian Prime Minister Bidzina Ivanishvili and his family, were rightfully owed “substantially in excess of $500 million” from Credit Suisse’s insurers due to Lescaudron’s fraudulent scheme. The bank is appealing the verdict.

Judge Alexandra Banna said, Lescaudron’s scheme, which ran “over a very long period of eight years” left him guilty of very serious fraud and forgery crimes. Lescaudron admitted in the proceedings that he had falsified trades and hidden mounting losses as he perpetrated the scheme.

Malkin did not comment on the case.