The group represents various fraud victims mentioned in the media surrounding this case, which can be found here.
The victims’ identities are less important than the Bank’s failures, however, which have led to the criminal conviction of one of its employees, an internal investigation by PwC and the intervention of the regulator.
The victims entrusted their investments to Credit Suisse because of the Bank’s history and reputation; they believed their assets would be safe, that experts at Credit Suisse would ensure their investments would be professionally managed, and their families’ future would be secure. They did not believe that as much as $1 billion of their assets would be stolen and mismanaged, or that Credit Suisse would actively obstruct their attempts to gain lawful redress.
We believe that Credit Suisse clients and shareholders should be aware of Credit Suisse’s conduct since the discovery of the fraud, particularly the way in which the Bank has actively worked against the victims’ efforts to understand how the crime was perpetrated and what happened to their assets.
For more information on FINMA’s enforcement procedure into Credit Suisse’s activities, please click here.
For more information on the criminal conviction of the Credit Suisse relationship manager, please click here.