CS Victims launch website to seek answers relating to USD 1 billion fraud

GENEVA: Following the advertising campaign in April, CS Victims, a group of clients who are the victims of crimes perpetrated over a number of years by a Client Relationship Manager Credit Suisse, today announced the group has launched a new website - https://csvictims.com/.

The website provides information on the fraud and mismanagement of client funds committed at Credit Suisse over many years, leading to losses of an estimated $1 billion. Since the fraud was uncovered in 2015, Credit Suisse has continued to frustrate the victims' efforts to uncover the truth of what happened and have refused to reimburse clients in full for the losses they have suffered. These include stolen funds, amounting to millions of dollars, about which the Bank can have no legitimate argument.

The website details the open letter published in the Financial Times on 26th April 2019, which asked the Board of Credit Suisse AG to answer the following questions, including

Why did Credit Suisse's systems and controls not prevent the fraud?
How were Credit Suisse personnel 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?

The representatives of the victims believe the answers to these questions engage the public interest, and are particularly relevant for other clients of Credit Suisse whose own assets and funds may also be at risk due to poor systems and controls. Despite issuing a statement in purported response to the open letter, the Board of Credit Suisse AG have refused to provide the answers or engage with the victims of crimes perpetrated by at least one of their employees.

The website will also act as a point of contact for other Credit Suisse clients, who can contact CS Victims if they are concerned about their own position. There have been a number of recent well-publicised scandals involving Credit Suisse in Turkey and Mozambique, which further suggests that what happened to the CS Victims were not isolated incidents of wrongdoing at the Bank.

A spokesperson for CS Victims commented

'Credit Suisse failed our clients and the Bank's continued refusal to answer basic questions about their management and control procedures supports the view that they have something to hide. The problems are likely endemic. We will continue to seek the truth behind this abuse of trust and hold the Bank responsible for the actions of all of its personnel.'

For further information, please contact info@csvictims.com or visit https//csvictims.com/
(PRN | 10 months ago)

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CS Victims launch website to seek answers relating to USD 1 billion fraud