Credit Suisse Scolded for Failing to Rein in Rogue Banker

(Bloomberg) — 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.

Finma identified deficiencies in the bank’s anti-money laundering controls as well as shortcomings in its oversight of the manager, identified as Patrice Lescaudron by people with knowledge of the matter. The agency didn’t identify Lescaudron by name in the Monday morning statement.