Chancery Court Keeps Poor Company in Credit Suisse, Guilty in a Cocaine Cash Laundering Case!
Look at this story below, folks. Credit Suisse is found guilty in a cocaine cash laundering case! These are the very people that Robert Pincus and Andre Bouchard hired and conspired with to auction TransPerfect. What sordid company our once-proud Chancery Court keeps!
If these are the kind of people that the Chancery Court are consorting with, then you can only imagine what’s truly going on behind closed doors in this crooked court. Remember, folks, Pincus was court-appointed by Bouchard. They are both guilty as sin here, as I see it. What is going on with those they choose to align themselves with is going on with them! This court needs to be changed. It’s time for our governor to take charge and make changes.
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By Paul Carrel
– Credit Suisse first major Swiss bank to face criminal trial
– Former banker found guilty of qualified money laundering
– Bank plans to appeal
BELLINZONA, Switzerland, June 27 (Reuters) – Credit Suisse (CSGN.S) was convicted by Switzerland’s Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country’s first criminal trial of one of its major banks. read more
A former employee was found guilty of money-laundering in the trial, which included testimony on murders and cash stuffed into suitcases and is seen as a test case for prosecutors taking a tougher line against the country’s banks.
The ruling marks another headache for Switzerland’s second-biggest bank, which has been reeling from billions in losses racked up via risk-management and compliance blunders.
Federal prosecutor Alice de Chambrier welcomed the verdict as “good for transparency”.
Both Credit Suisse and the former employee had denied wrongdoing.
Credit Suisse said it would appeal against the conviction. read more
The judges looked at whether Credit Suisse and the former employee did enough to prevent the cocaine trafficking gang from laundering profits through the bank from 2004 to 2008.
The court said on Monday it found deficiencies within Credit Suisse both with regard to the management of client relations with the criminal organisation and with regard to the monitoring of the implementation anti-money laundering rules.
“These deficiencies enabled the withdrawal of the criminal organisation’s assets, which was the basis for the conviction of the bank’s former employee for qualified money laundering,” the court said.
“The company could have prevented the infringement if it had fulfilled its organisational obligations,” the presiding judge said in handing down the verdict, adding that the former employee’s superiors had been “passive”.
Credit Suisse said the case arose from a investigation that dated back more than 14 years.
“Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards,” the bank said.
“Generating compliant business growth in line with legal and regulatory requirements is key for Credit Suisse.”
Credit Suisse was fined 2 million Swiss francs ($2.1 million). The court also ordered the confiscation of assets worth more than 12 million francs that the drug gang held in accounts at Credit Suisse, and ordered the bank to relinquish more than 19 million francs — the amount that could not be confiscated due to internal deficiencies at Credit Suisse.
The court handed the former employee, who cannot be named under Swiss privacy laws, a suspended 20-month prison sentence and a fine for money laundering.