CS Victims’ situation has been widely reported in the media, please see below for a selection of stories.
Credit Suisse Wins Bid to Keep Fraud Report Secret
Credit Suisse Group AG won a bid to stall the release of a report into how it failed to prevent fraud and money laundering by one of its former star bankers, Patrice Lescaudron.
Credit Suisse Faces New Suit in Singapore Over Rogue Trader
Bidzina Ivanishvili, the biggest victim of a rogue trader at Credit Suisse Group AG, is suing one of the bank’s trusts in Singapore for at least $300 million, opening a fresh front in the long-running dispute.
Ex-Georgian PM’s suit to be heard here, not Geneva, rules court
Singapore’s Court of Appeal has allowed the lawsuit of former Georgian prime minister Bidzina Ivanishvili, against a trustee linked to a major Swiss bank, to be heard in Singapore instead of Geneva.
US Prosecutors Believe Credit Suisse Can Be Held Criminally Liable For Employee Crimes, Reuters Reports
A $2 billion corruption case in Mozambique may have far reaching implications for Credit Suisse Group. The case is related to loans devised by Credit Suisse from 2013-2016 to help develop Mozambique’s coastal defenses, shipping fleet, and fishing industry.
CS Victims: Credit Suisse earnings call overshadowed by analysts’ litigation concerns
Following his surprise resignation last week, Tidjane Thiam’s last earnings announcement as Chief Executive Officer was dominated by questions about litigation as worried analysts questioned Credit Suisse’s provisions to settle ongoing actions against the Bank, including those brought by clients of CS Victims, a group of clients who were victims of an estimated $1 billion fraud perpetrated by the Bank’s personnel over seven years.
Bermuda Court Orders Credit Suisse to Provide Information Relating to $1 Billion Fraud
This month, the Supreme Court of Bermuda ruled that Credit Suisse Life, the Bermuda insurance division of Credit Suisse, must hand over documents to victims that the bank had thus far attempted to shield from its own clients. The ruling follows a similar decision by a federal court in New York.
Credit Suisse faces fresh embarrassment as fraud victims demand answers again
Credit Suisse faces fresh embarrassment at its investor day on Wednesday as victims of an alleged $150m (£113m) fraud demand answers again.
Credit Suisse Blocks Prosecutor Using Critical Finma Report
Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit.
Credit Suisse Cheat Couldn’t Have Acted Alone, Billionaire Says
A former Credit Suisse Group AG banker was not the lone wolf the firm described when he was convicted of fraud, according to his main victim, Georgian billionaire Bidzina Ivanishvili.
CS Victims Again Demand Credit Suisse Return $150 Million in Illegal Fees Amidst Latest Scandal
Geneva – CS Victims, a group of Credit Suisse Wealth Management clients who are victims of an estimated $1 billion fraud perpetrated by the bank’s personnel, once again demanded that Credit Suisse management and its Board procure the return of commissions and fees – estimated at more than $ 150 million – paid to the Bank as a direct result of illegal activity which proper systems and controls should have prevented.
CS Victims announces defrauded clients demand return of $150 million of illegal fees from Credit Suisse
The fees paid to Credit Suisse during the fraud include significant amounts generated from management of the affected client accounts and investment in the Bank’s own products and funds.
Ex-Prime Minister Of Georgia Demands $53M From Credit Suisse Fraud Case
The former Prime Minister of Georgia is demanding $53 Million from Credit Suisse as compensation for losses in a fraud perpetrated by Credit Suisse advisor Patrice Lescaudron from 2009-2015.
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.
Ex-Credit Suisse Fraudster’s Victims Turn to Newspaper Ad
Angry clients of Credit Suisse Group AG have filed lawsuits from New York to New Zealand to try to force the Swiss bank to disclose more details about a former employee who swindled them. Now they’re taking out a newspaper ad to publicize their case.
Fraud victims aim to shame Credit Suisse
Credit Suisse faced embarrassment on Friday as victims of a $150 million (£116 million) fraud by a rogue employee took a full-page ad in the FT to demand answers and their money back.
Judge Allows Russian Soda Mogul to Try and Build Case Against Credit Suisse
A court recently signed off on an agreement that will allow a Russian soft drink mogul, who claims she was bilked out of $35 million by an unscrupulous Swiss banker, to seek evidence to support a potential case against the bank.
Credit Suisse Client Says She Lost $50 Million in Banker’s Fraud
A Russian client of convicted former Credit Suisse Group AG wealth manager Patrice Lescaudron lashed out at the lender for putting itself before clients and accused Swiss prosecutors of rushing their indictment.
Ex-Credit Suisse Banker Fraud Case Still a `Five-Headed Hydra’
A new probe in the case of a convicted Credit Suisse Group AG banker gave victims of Patrice Lescaudron fresh ammunition to argue for yet another exhaustive investigation of the four-year-old scandal.
Ex-Credit Suisse Banker Faces Fresh Forgery Probe in Geneva
Geneva prosecutors have opened a fresh investigation into alleged forgery by former Credit Suisse Group AG banker Patrice Lescaudron, six weeks after his release from prison.
Ex-Credit Suisse Banker Released From Jail
A former wealth manager of Credit Suisse was released from prison, having served less than a fifth of his five-year prison sentence he was convicted to a year ago for operating a fraud scheme.
Credit Suisse said suspected by Geneva prosecutors of systematically neglecting basic compliance rules
A Credit Suisse unit is suspected by Geneva prosecutors of systematically neglecting basic compliance rules and failing to prevent alleged money-laundering by a Turkish asset manager it worked with.
Credit Suisse Suspected of Failings in Wealth-Manager Probe
A Credit Suisse Group AG unit is suspected by Geneva prosecutors of systematically neglecting basic compliance rules and failing to prevent alleged money-laundering by a Turkish asset manager it worked with.
Credit Suisse Faces Geneva Probe Tied to Former Bankers
Geneva prosecutors are investigating whether a Credit Suisse Group AG unit failed to stop money laundering in a widening fraud case tied to a defunct asset manager, according to people familiar with the probe.
Credit Suisse Rogue Banker’s Victims Take Fight to New York
The victims of convicted Credit Suisse Group AG fraudster Patrice Lescaudron are taking their fight to New York.
Credit Suisse muss nachsitzen
Zwei Aufsichtsverfahren im Bereich Geldwäschereibekämpfung enden für die Schweizer Grossbank glimpflich. Im Fokus stand unter anderem ein fehlbarer Kundenberater, der trotz Veruntreuung honoriert wurde.
Credit Suisse / Finma : the usual suspects
Who could ever have suspected it? Weak money-laundering defences at a Swiss bank, of all places. And in relation to Fifa and Petrobras, those beacons of moral probity. Thank heavens regulator Finma has shown how seriously Switzerland regards lapses at Credit Suisse. It has issued a press release.
Swiss Regulator Slams Credit Suisse Over Compliance Failures
Credit Suisse AG was deficient in its anti-money laundering compliance processes.
Credit Suisse Scolded for Failing to Rein in Rogue Banker
Credit Suisse Group AG was scolded by Switzerland’s financial regulator for its failure to properly oversee a former star wealth manager convicted of fraud, escaping any real penalties for its compliance shortcomings.
Credit Suisse hat gegen Vorschriften zur Bekämpfung der Geldwäsche verstoßen
Die Schweizer Großbank hat über Jahre hinweg fragwürdige Kunden angenommen und nicht genau genug hingeschaut. Jetzt gelobt die Credit Suisse Besserung.
Credit Suisse Pick That Went Sour Ends Up in Banker Appeal
Five months after Patrice Lescaudron was convicted in one of Switzerland’s biggest white-collar crime cases, an appeals court has put the spotlight back onto the former Credit Suisse Group AG banker.
Credit Suisse Gives Rogue Banker Unlikely Boost in Geneva Appeal
Five months after a former Credit Suisse Group AG banker was convicted of orchestrating a near decade-long scheme to hide growing losses from his clients, the financier has got an unlikely boost from his one-time employer.
Ex-Credit Suisse star gets five years in jail
Former Credit Suisse wealth manager Patrice Lescaudron was sentenced to five years in prison by a Geneva court on Friday for abusing the trust of clients and creating a fraudulent scheme that made him tens of millions of Swiss francs.
The Key Players in Trial of Ex-Credit Suisse ‘Star’ Banker
A former top Credit Suisse wealth manager was found guilty of defrauding his eastern European clients by a Swiss court on Friday and sentenced to five years in prison. Here’s what you should know about Patrice Lescaudron, as well as the prosecutor who led a two-year investigation into his crimes, the trial judge and his principal accusers.
Former Credit Suisse ‘star’ gets five-year jail term for ‘clever fraud’
Former Credit Suisse client adviser Patrice Lescaudron was sentenced to five years imprisonment by a Geneva court on Friday for abusing the trust of clients and putting in place a fraudulent scheme that brought him tens of millions of francs.
Credit Suisse Faces Russian Flood
A Geneva court is poised to convict a former Credit Suisse banker over dealings with a billionaire ex-prime minister of Georgia. The move opens the floodgates for Russian claimants to seek remands from the Swiss bank.
Swiss Banker Verdict May Be Just the Beginning for Credit Suisse
A verdict Friday in a Geneva court may bring some closure to the former Credit Suisse Group AG banker who has been in jail for two years before his trial on fraud charges even began. For the Swiss bank, the headache may linger for years.
The plaintiffs are mainly suing Credit Suisse
A l’heure des plaidoiries, les avocats ont souligné l’arrogance de la grande banque, son mépris de la clientèle et l’absence de toute surveillance du gestionnaire félon qui manipulait des sommes colossales
Tears, Lies and Fake Excel Files at Ex-Credit Suisse Banker’s Trial
Patrice Lescaudron, the former Credit Suisse Group AG banker on trial for taking money from the accounts of wealthy clients, found phony Excel spreadsheets were the easiest way to keep customers in the dark about the fraud in their accounts.
Serial tricks of the former star of Credit Suisse
Au procès, le supérieur direct du prévenu se retranche derrière un rôle purement logistique. Il ne comprend pas comment les malversations ont passé les contrôles et pourquoi l’audit interne ciblé sur ce desk russe n’a rien décelé
Ex-Credit Suisse Banker Says His Fraud Brought Health Concerns
A former Credit Suisse Group AG banker, accused of taking millions from rich clients’ accounts to cover trading losses, told the court on a long first day of his trial in Geneva that stress from the financial crisis and his growing losses took a great toll on his health.
Credit Suisse: Nail-Biter in Geneva
Credit Suisse is bracing for a tough couple of days in Geneva, where a former banker is standing trial for embezzlement. The claimants are rich Eastern European clients eager to retrieve assets they kept at the Swiss banking giant.
A former Credit Suisse star is judged to have embezzled 150 million francs
Le procès d’un ancien gestionnaire du Credit Suisse s’est ouvert lundi devant le Tribunal correctionnel de Genève. Le prévenu est accusé d’avoir détourné des dizaines de millions de francs.
Rogue Credit Suisse Banker Goes on Trial Over Russian Shell Game
If it wasn’t for a bad bet on a small Californian company, the former Credit Suisse banker identified only as Mr. L until now might never have ended up in a jail cell just across Lake Geneva from his $2.4 million home.
Georgischer Ex-Premier zeigt CS an
Ein Ex-Credit-Suisse-Mann soll Millionen des georgischen Ex-Premiers Bidzina Ivanishvili verzockt haben. Dieser klagt nun die CS an. Der Prozess soll noch dieses Jahr beginnen.
Billionaire sues C Suisse
Georgian billionaire Bidzina Ivanishvili sued Credit Suisse in Singapore, New Zealand and Bermuda, alleging the bank must have known about the actions of a former employee who forged trades to cover losses from other customers’ accounts.
Ex-Georgia premier sues Credit Suisse in three countries over losses
Lawyers for former Georgia Prime Minister Bidzina Ivanishvili said on Tuesday they are suing Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses.
Swiss prosecutor is said to probe Credit Suisse fraud allegation
Geneva prosecutors will examine whether Credit Suisse Group AG bears any criminal responsibility for alleged wrongdoing by one of its former wealth managers, according to four people familiar with the probe.
Swiss Fraud Probe May Expand to Include Credit Suisse Employees
Swiss prosecutors are pursuing emails and other documents that may lead them to expand a fraud investigation into a defunct Geneva-based asset manager to include Credit Suisse Group AG employees, people familiar with the case said.
Credit Suisse Accused in Multimillion Dollar Fraud, $15 Billion Money Laundering
Swiss prosecutors have charged an ex-Credit Suisse wealth manager with fraud, misappropriation and criminal mismanagement, Bloomberg reported. The bank also faces a money laundering probe in Italy, Reuters said.