Litigation Investigations – Credit Suisse
Credit Suisse’s collapse on Sunday, 19 March 2023, shocked most experts who a year ago, would not have believed it possible. It caused losses of tens of billions of dollars, much of it to US shareholders.
Astonishingly, 4 days earlier, regulators had given it a “clean bill of health”:
On the afternoon of Wednesday March 15, the Swiss National Bank (SNB) and the Swiss banking regulator (FINMA) issued a joint statement expressing unambiguous confidence about the stability of Credit Suisse. Four days later, SNB chose not to provide additional liquidity but instead forced CS to sell itself. The actions that Swiss authorities took on Wednesday and on Sunday cannot both be right.
We were not surprised and predicted it 9 months earlier:
On 6 July 2022, we wrote to the bank and to every member of the Swiss parliament that this was the “Last Chance for Credit Suisse”.
It would have been possible to save the bank then. We knew how and what was necessary.
We warned the bank in writing that it was misleading its investors and customers making it liable for damages.
At a face-to-face meeting in Zurich, I personally warned CS legal department of the bank’s illegal and likely criminal acts but was forbidden to continue that conversation.
I offered to show documents substantiating my allegations, but my offer was refused.
A short time later we discovered that Credit Suisse Zurich had hacked into our website and had stolen nearly all the confidential documents. We interpreted this as spying intended to discern how much we knew of the illegal/criminal activity in the bank.
We notified FINMA via their independent investigation. Soon after, former Chairman Urs Rohner resigned, but only after he had tried to block a subpoena of his mobile phone records, even to the Swiss Supreme Court (Lausanne) – but he lost every time.
Credit Suisse wrongdoing is frequently complex with multiple layers of critical detail.
Such situations are exactly suited to FRCS litigation support services.
We are expert regarding Credit Suisse wrongdoing. We have assisted law enforcement, government agencies and regulators at a very high level.
Before the 2008 financial crisis, FRCS warned major world governments that illegal activity in banks would bring financial calamity – and it did.