The first jail sentence has been pronounced in the Cum/Ex tax fraud. The fine is a death knell for one of Germany’s oldest private banks. The judgment is causing frights in board rooms and trading floors.
The billionaire matriarch of the Schottenstein family was being taken advantage by her own two grandsons. So grandma ate the wolves.
She brought her two JP Morgan bankers to FINRA and obtained the largest award since 2018 – $19 millions.
One of Credit Suisse’s top bankers was up to no good. The firm was warned and did nothing.
This new scandal is unfortunately far from being the first for the Swiss bank. Regulatory investigations (and provisions!) are actually pilling up.
This article explains the last scandal, in the context of the firm’s recent compliance woes.