CS Victims has been established by the representatives of clients of Credit Suisse.
They are victims of an estimated $1billion fraud perpetrated by the Bank’s personnel. Over many years, client funds have been stolen and mismanaged and, to date, Credit Suisse has yet to explain how its personnel were able to bypass compliance and risk management or why better controls were not in place or adequate enough to stop them from doing what they did.
The clients’ own audit estimates that in their case Credit Suisse was paid more than $150m in commission as a direct result of the fraud and mismanagement of client funds.
Since the discovery of the fraud, at least one of Credit Suisse’s personnel has been convicted of embezzlement and FINMA has highlighted failures in Credit Suisse’s systems and controls which led directly to crimes being committed.
On 26th April 2019, CS Victims published a full page advertisement in the Financial Times, detailing an open letter to the Board of Directors of Credit Suisse AG on the day of the Bank’s AGM. The letter can be viewed here.
Current and potential customers should ask themselves: is my money safe with this Bank? If you believe that you have been affected in the same or a similar way or are concerned for any reason at all, please fill in the contact form here and we will respond.
Credit Suisse needs be held accountable for its failures and take responsibility for any and all wrongdoing by its personnel.
Video: ‘The battle has started’: Ex-Credit Suisse banker’s fraud victims still want an apology
Patrice Lescaudron, a French banker who worked in Credit Suisse’s Russia, Ukraine and Central Asia department, was sentenced to five years in prison for running an eight-year scheme in which he made unauthorized trades and moved assets between clients’ accounts.
‘The battle has started’: Ex-Credit Suisse banker’s fraud victims still want an apology
It was December 30, 2015, and Russian businesswoman Olga Kurbatova, who founded a successful Moscow-based beverage company called Happyland Corp, was celebrating the New Year with her son when she got an unexpected phone call from the bank that managed her fortune, Credit Suisse.
Credit Suisse Refuses to Return Funds Stolen in $1 Billion Fraud
Despite assurances to a Geneva Court, Credit Suisse has thus far refused to return funds stolen from clients during a near $1 billion years-long fraud executed by one of its own employees, who has already been convicted by a criminal court, CS Victims, a group of clients who are the victims of crimes, announced today.