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 11th December 2019, CS Victims published full page advertisements in The Times and Daily Telegraph, detailing an open letter to Thijane Thiam, the CEO of Credit Suisse AG, on the day of the Bank’s Investor Day. The letter can be viewed here.
This is in addition to the open letter to the Board of Directors of Credit Suisse AG on the day of the Bank’s AGM on 26th April 2019. 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.
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