Headline from 2017 which is relevant again today: Credit Suisse under investigation. Again. For money laundering. Again.
With Credit Suisse expected to get swallowed up into UBS today and thus disappear as an independent entity, I thought it would be a fine time to reprint this article which describes the bank’s legacy.
Pay particular attention to comments at then of the post – – Credit Suisse has a subsidiary whose sole purpose in life is to launder money for clients. They have been laundering money since 1910. Yes, 1910.
Previously posted on 2/24/17:
Looks like Credit Suisse is in trouble again. The feds and NYDFS have opened another money laundering investigation.
Check out the report on 2/23/17 at Wall Street Journal – Credit Suisse Probe Opens Old Wounds for the following info.
A retired professor invested $500K in a startup back in 2000. When the company went public in 2008, his shares were worth $80M.
Cool! Good for him!
He didn’t want to share a lot of that with Uncle Sam, so he got some help from the Israel branch of Credit Suisse to cut his tax bill.
By 2013 he had $200M parked in his accounts in Switzerland.
Well, somehow the revenuers caught up with him.
He cooperated extensively, including wearing a wire to some meetings.
Current status for him is he was sentenced to seven months in a federal penitentiary. The Bureau of Prisons is expecting him (inmate 90504-083), but he is not in custody. (Check for yourself here.) That means he will be moving into federal housing soon. Unstated implication is that means he is now a felon.
Current status for Credit Suisse is another probe with possible additional prosecution and additional fines. Several bankers have been fired.
The rules have changed…
Headline from 2017 which is relevant again today: Credit Suisse under investigation. Again. For money laundering. Again.Read More »