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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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Credit Suisse Under Investigation
July 15, 2011
Credit Suisse said it had been notified that it was the subject of an investigation by the U.S. Department of Justice - a potentially very serious matter. In its statement, the Swiss bank cited “a broader industry inquiry” and the fact that it had previously received subpoenas and other information requests from Justice and other government agencies regarding cross-border services provided by its private bankers to American clients. The bank continues to cooperate fully with U.S. authorities.
Prior Indictments. Four private bankers tied to Credit Suisse were indicted on conspiracy and fraud charges in the United States in February for helping Americans evade taxes. Marco Parenti Adami, Emanuel Agustoni, Michele Bergantino, and Roger Schaerer were each linked to 2 other private banks in Switzerland, and one in Israel. Three of them had left Credit Suisse before being indicted.
The bankers specifically were accused of helping American clients set up offshore accounts under false names, and shifting money from Credit Suisse accounts to smaller Swiss private banks. At the time, Credit Suisse said it was not the object of an investigation by the Justice Department, and industry observers thought it might be able to strike a deal with American authorities by paying a fine, much like UBS did in 2009.
Higher Stakes for Credit Suisse. Today's announcement raises the stakes for Credit Suisse, if its circumstances mirror those in UBS similar case (that caused an international furor). UBS settled the case by paying a $780 million fine and handing over data on thousands of clients to avoid a conviction that could have cost it its U.S. banking license. [Dealbook, 7/15/11]
Prior Indictments. Four private bankers tied to Credit Suisse were indicted on conspiracy and fraud charges in the United States in February for helping Americans evade taxes. Marco Parenti Adami, Emanuel Agustoni, Michele Bergantino, and Roger Schaerer were each linked to 2 other private banks in Switzerland, and one in Israel. Three of them had left Credit Suisse before being indicted.
The bankers specifically were accused of helping American clients set up offshore accounts under false names, and shifting money from Credit Suisse accounts to smaller Swiss private banks. At the time, Credit Suisse said it was not the object of an investigation by the Justice Department, and industry observers thought it might be able to strike a deal with American authorities by paying a fine, much like UBS did in 2009.
Higher Stakes for Credit Suisse. Today's announcement raises the stakes for Credit Suisse, if its circumstances mirror those in UBS similar case (that caused an international furor). UBS settled the case by paying a $780 million fine and handing over data on thousands of clients to avoid a conviction that could have cost it its U.S. banking license. [Dealbook, 7/15/11]
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