Did you lose investment money with Credit Suisse? If so, the attorneys at Stoltmann Law Offices are interested in speaking to you about recovering those losses by suing the bank in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We may be able to help you bring a claim against Credit Suisse for investment losses. The bank may be liable for them. The call is free with no obligation.
Yesterday, FINRA announced that it had fined Credit Suisse Securities $16.5 million for anti-money laundering (AML) supervision and other violations. The regulatory body found that Credit Suisse’s suspicious activity monitoring program was deficient in that the bank primarily relied on its registered representatives to identify and escalate potentially suspicious trading, including microcap stock transactions. In practice, this high-risk activity was not always investigated. Also, the firm’s automated surveillance system to monitor for potentially suspicious money movements was not properly implemented. A significant portion of the data feeds were missing information or had other issues that rendered it ineffective. The bank also allegedly chose not to utilize certain available scenarios designed to identify common suspicious patterns and activities, and it failed to adequately investigate activity identified by the scenarios that the firm utilized. The misconduct occurred from 2011 through December 2015.