The fraud was uncovered in September 2015 and since then, the victims have tried to understand what happened to their money and assets.
Despite numerous requests for information to Credit Suisse, the Bank has been unwilling to supply any documentation beyond that requested by the Swiss criminal authorities. What is still missing includes an explanation of how the convicted Credit Suisse relationship manager was able to avoid any systems and controls that there were or why these were inadequate to detect or stop him, details of how this fraud was able to continue for at least six years unchecked and the full details of the internal investigation undertaken for the Bank by PwC.
In April 2019, CS Victims published the open letter to the Board of Credit Suisse AG in the Financial Times on the day of the Credit Suisse Annual General Meeting. The letter received a significant amount of press coverage, including Bloomberg, Yahoo Finance and the Evening Standard; it was also picked up by a number of social media accounts highlighting bank failures and fraud.
Credit Suisse responded by publishing a statement on their website which confirmed that its personnel had been able ‘to bypass the Bank’s internal rules’ and ‘deceive the bank’s control systems’.
The statement did not mention the Bank’s clients, address any of the victims’ questions or indicate that steps had been taken to ensure the situation would never be repeated.
On 27th April 2019, Credit Suisse published a full-page advertisement in the Financial Times thanking ‘clients and partners for their trust and support’ and listing a series of industry awards.
Our Campaign will continue to seek answers to the following basic questions:
- Why did Credit Suisse’s systems and controls not prevent the fraud?
- How were Credit Suisse employees able to bypass whatever risk management and compliance policies you did have in place?
- What were the results of Credit Suisse’s internal investigation into the fraud? Why have these not been shared with affected customers?
- What did FINMA’s investigation reveal about the supervision of the employee and Credit Suisse’s systems and controls? Why have you refused to let affected customers know the details of the regulator’s findings?
- When will Credit Suisse pay back the full amount of the stolen funds to our clients?
- What measures have been taken by Credit Suisse to ensure this will never happen again?