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Credit Suisse Blasted for Case of Star-Turned-Rogue Banker
Credit Suisse Group AG was blasted by Switzerland’s financial regulator for its failure to properly oversee a former star wealth manager convicted of fraud. Finma identified deficiencies in the bank’s anti-money laundering controls as well as shortcomings in its oversight of the manager, identified as Patrice Lescaudron by people with knowledge of the matter. Finma didn’t identify Lescaudron by name in the Monday morning statement. Lescaudron was convicted in February and sentenced to five years in prison for perpetrating an eight-year scheme in which he made unauthorized trades and faked purchase orders in a ... (full story)